Business
Sainsbury’s posts 11% profit riseSimeon Goldstein, 14 May 2009Be the first to comment on this article Sainsbury’s expects the trading environment to remain challenging despite recording an 11% profit increase in the last financial year. The retailer reported sales of £20.3bn in the year to 21 March, up 6% on the previous year. Underlying pre-tax profit, which excludes profit or loss on property sales and other on-off items, rose by 11% to £543m. Chief executive Justin King said the preliminary results reflected the supermarket’s swift response to a challenging period for UK retail. “Our business is growing because we responded quickly and effectively to a rapidly changing environment.” Sainsbury’s said its online food offering now represented more than £500m, and it will launch non-foods in the first half of the current year. The results statement highlighted the 75% packaging reduction achieved by switching a two-pint plastic bottle for milk to a bag. It also reflected on its carrier bag usage. The multiple has reduced the number of bags it gives out by 58% in the past two years, resulting in a 63% drop in the amount of virgin plastic used over a three-year period. Speak Your Mind |
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