Sainsbury's profits soar by 28%

8:17am Wednesday 14th May 2008

Sainsbury's has crowned a three-year turnaround plan by ringing up bumper annual profits of £488 million.

The figure for underlying pre-tax profits, which was slightly ahead of City estimates, represents a rise of more than 28% compared with the previous year. Sales for the year to March 22 were 5.8% ahead at £19.3 billion.

The retailer said it had exceeded a series of targets set down under the "Making Sainsbury's Great Again" scheme, which was launched in 2005 by chief executive Justin King.

Around 117,000 staff will also share a £47 million payout this year - an average of £401 each - as part of the success.

Chairman Philip Hampton said: "This year has been particularly significant for Sainsbury's since it marked the completion of the Making Sainsbury's Great Again recovery plan announced in October 2004 and we moved from a period of recovery to growth."

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