Sainsbury’s exceeds earnings predictions
May 14 2010 Huddersfield Daily Examiner
SUPERMARKET chain Sainsbury’s posted a better than expected 17% hike in annual profits – as 127,000 staff shared a record bonus pot of more than £80m.
The UK’s third biggest grocer made underlying profits of £610m for the year to March 20 – ahead of the £600m expected by the City. Total revenue rose by 5% to £21.4bn.
Chief executive Justin King said staff had been rewarded for a “good performance in difficult trading times”.
But he warned of further challenges ahead as government spending cuts and tax rises threaten to put consumers under pressure.
Sainsbury’s now serves 19m customers a week – a million more than a year earlier.