Sainsbury’s boosts profit and sales in first half

Sainsbury’s has reported a 38% boost in net profits in the first half of its year as customer numbers reached a new record.
In the 28 weeks to the start of October 2 sales rose 7% to £11.94bn, while pre-tax profits were up 8% to £332m.

Chief executive Justin King said: “Customer numbers are now at an all-time high of over 20m transactions every week, which is up 1m on last year.”

The supermarket chain – the third biggest in the UK after Tesco and Asda – also created more than 2,000 jobs as a result of new stores and extensions. It now trades from 890 stores.

Gemma Lovelock, a retail analyst at TLC Marketing Worldwide, said the results “reflect an entrenched stay-at-home culture that has been growing for the past two to three years. People are not just eating more at home they’re also socialising and entertaining more at home and the supermarkets generally are benefiting from this behavioural shift.

“Instead of spending money on big-ticket items on the high street, consumers are spending more on premium food products in the supermarkets, and indulging in good food at home rather than eating out.”

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