Sainsbury’s profits rise again
It came as the retailer also announced it was taking full control of Sainsbury’s Bank in a £248m deal to buy the 50 per cent stake held by taxpayer-backed Lloyds Banking Group.
Full-year results to March 16 showed underlying profits up 6.2 per cent to £756m, though the bottom-line pre-tax figure fell 1.4 per cent to £788m when property disposals were included.
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Hide AdMr King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the economic downturn.
He said: “Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth.”