Sainsbury 8217 s profits on the rise
Sainsbury’s has seen a seven per cent rise in its half year profits.
Supermarket chain Sainsbury’s has seen its half year profits rise by seven per cent, increasing before tax to roughly £400 million.
The company posted its results for the 28 weeks leading up to September 28th, showing that it is now the second largest supermarket in the UK after Tesco.
Chief executive of Sainsbury’s Justin King explained that it is poised for further growth but says that it will take some time before economic recovery can take effect as consumers are still reluctant to spend.
Additionally, it will be a while before the chain catches up to Tesco, although the giant recently posted a 1.5 per cent decrease in trading profit for the first half of the year.
On Wednesday (November 13th) morning, Sainsbury’s share price was up 1.35 per cent.
With a 16.8 per cent share of the market, Mr King says that this is the highest the chain has seen for a decade. The higher profits follow 35 consecutive quarters of growth in like-for-like sales.
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