Sainsbury’s profits increase by over a third

Net profits at supermarket chain Sainsbury's increased by 38 per cent in the six months up to October, thanks to record customer numbers, new floor space and cost-cutting.

The company, which is the third largest supermarket in Britain, said that it earned £348 million after tax – compared with £286 million in the same period last year.

Sales rose seven per cent to £11.94 billion and pre-tax profits rose eight per cent to £332 million, the company added in its results statement.

Customer numbers were at an all time high, accounting for over 20 million transactions every week, up a million from the year before.

"The board is pleased with Sainsbury's continued strong performance in the first half of the year," said chairman David Tyler in the earnings release.

"We continue to gain market share and have seen good profit growth," he added.

"We have made excellent progress towards delivering our strategic objectives, particularly in offering our customers great food at fair prices and growing our space."

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