Sainsbury's profit's up 9 per cent

For the year to March 19, total sales including VAT but excluding petrol were up 4.9%, and like-for-likes were up 2.3%

Sainsbury’s said its like-for-like growth was below its medium-term planning assumption of between 3 per cent and 4 per cent, but “ahead of the market”.

Sainsbury’s said customer transactions are at an all-time high of 21 million per week, and it is growing market share.

It said its campaigns such as Value where it matters offering savings on leading brands, and 1,000 products for £1 or less helped customers manage their weekly spend.

Chief executive Justin King said: “Saisnbury’s has continued to perform well. Customer numbers are at an all-time high of 21 million transactions every week, which is up one million on last year, a clear indication of our growing universal customer appeal across all channels.

“We have added gross space of 1.5 million sq ft to our store estate, creating over 6,000 new jobs with Sainsbury’s.  Strong sales growth, combined with productivity savings and tight control on operating costs, have helped to deliver good profit growth. Our colleagues continue to deliver great service, exceeding our stretching customer service targets, and we are delighted to be paying our colleagues a bonus of around £60 million.”

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