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Sainsbury's half-year profits up Sainsbury's half-year profits up
(10 minutes later)
Supermarket group Sainsbury's has reported a rise in its half-yearly profits despite the "challenging" economic conditions. Britain's third-biggest supermarket group, Sainsbury's, has reported a rise in its half-yearly profits despite the worsening economic conditions.
Underlying pre-tax profits for the six months to 4 October rose to £272m, up 13.3% on the same period last year.Underlying pre-tax profits for the six months to 4 October rose to £272m, up 13.3% on the same period last year.
Like-for-like sales - which strip out the impact of new stores - were up by 3.9% from a year ago.Like-for-like sales - which strip out the impact of new stores - were up by 3.9% from a year ago.
The supermarket group said it expected the second half of the year to remain "particularly challenging".The supermarket group said it expected the second half of the year to remain "particularly challenging".
The profits were towards the top end of analysts' forecasts.
Sainsbury's has now recorded 15 quarters of consecutive like-for-like sales growth. It said its customer numbers were continuing to grow - with about 18 million customers a week.
Own brands
Chief executive Justin King said the supermarket chain had made considerable progress in the last four years.
"Our universal customer appeal has been fundamental to our sustained performance," he said.
Some analysts had expected the group to suffer in the economic downturn, because it has traditionally been associated with higher-price, and higher-quality goods, than many of its rivals.
However, Sainsbury's has responded to the worsening economic conditions with a big marketing push behind its own-brand goods.
Mr King said: "Customers are now buying a different mix of products and we have successfully developed our offers to help offset the rising cost of living and tighter household budgets."