UK grocery retailer Sainsbury’s has recorded a 6.6 per cent rise in underlying profits to £354m in its half-year 2011 results, despite the ongoing “tough economic environment”.
The supermarket operator said that total sales (including VAT, excluding fuel) for the 28 weeks to 1 October 2011 had increased by 4.3 per cent, while like-for-like sales were up by 1.9 per cent compared with the same period a year before.
In a statement, Sainsbury’s said that “good sales growth in a challenging environment” had been achieved during the period, thanks in part to cost savings of £50m broadly offsetting inflationary increases.
Company chairman David Tyler said: “We are pleased with our sales and profit performance, given the challenging economic environment.
“We have continued to make good progress against our five areas of focus, strengthening our position for the long-term, particularly the investment in our food and clothing ranges as well as new channels and services.'
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