J Sainsbury's half-year profits rise 2.5%
Supermarket group cited strong growth in its online operations
By CFOWorld.co.uk staff | CFO UK | Published 11:34, 14 November 12
Supermarket group J Sainsbury's has posted a 2.5 percent rise in half-year pre-tax profits to £405 million, according to a trading statement issued on Wednesday.
The UK’s third largest supermarket group said its overall market share had grown to 16.7 percent. Sales, including VAT and fuel, climbed 4 percent to £13.36 billion in the six months to 29 September.
Sainsbury’s specifically cited a strong growth in its online operations, which if clubbed together with sales at convenience stores, were behind much of the sales boost.
Its online business was growing at a rate of over 20 percent, with grocery orders often exceeding 165,000 per week, the group said. It added that the convenience stores business was expanding by one to two outlets each week.
Furthermore, the group said that its general merchandise and clothing business was growing three times faster than its food business at present. The latest set of figures implied that the group had now seen 31 consecutive quarters of underlying sales growth.
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