Sainsbury remains on track in its three-year recovery plan, recording a full-year pre-tax profit to end March 25 of £104m, up from a loss of £238m the year before.
Releasing its full-year results this morning, the supermarket group also revealed that total sales had increased 5.7% to £16.987bn, with like-for-like sales growth, excluding petrol, of 3.7%.
Underlying profit before tax from continuing operations was £267m, up from £238m the year before.
It added that its non food range, which accounts for 10% of its sales, saw sales growth of 8% during the period, while like-for-like sales of its clothing range TU increased 40%.
However, its financial arm Sainsbury's Bank recorded an operating loss of £10m for the year.
Sainsbury also warned that the market remained challenging and that increased energy costs could hit second-half profits.
Justin King, chief executive of Sainsbury, said: “We have made good progress during the year and we are on track in our Making Sainsbury's Great Again plan.”
He added: “Our sales for the year were ahead of our plans. As a result operational gearing in Sainsbury's supermarkets is starting to be delivered, although this performance has, in part, had to support the more difficult trading at Sainsbury's Bank.”
Releasing its full-year results this morning, the supermarket group also revealed that total sales had increased 5.7% to £16.987bn, with like-for-like sales growth, excluding petrol, of 3.7%.
Underlying profit before tax from continuing operations was £267m, up from £238m the year before.
It added that its non food range, which accounts for 10% of its sales, saw sales growth of 8% during the period, while like-for-like sales of its clothing range TU increased 40%.
However, its financial arm Sainsbury's Bank recorded an operating loss of £10m for the year.
Sainsbury also warned that the market remained challenging and that increased energy costs could hit second-half profits.
Justin King, chief executive of Sainsbury, said: “We have made good progress during the year and we are on track in our Making Sainsbury's Great Again plan.”
He added: “Our sales for the year were ahead of our plans. As a result operational gearing in Sainsbury's supermarkets is starting to be delivered, although this performance has, in part, had to support the more difficult trading at Sainsbury's Bank.”
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