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| Sainsbury's half-year profits up | Sainsbury's half-year profits up |
| (10 minutes later) | |
| Britain's third-biggest supermarket group, Sainsbury's, has reported a rise in its half-yearly profits despite the worsening 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 profit figures were towards the top end of analysts' forecasts. | The profit figures were towards the top end of analysts' forecasts. |
| Sainsbury's has now recorded 15 quarters of consecutive like-for-like sales growth, and it said its customer numbers were continuing to grow - with about 18 million customers a week. | Sainsbury's has now recorded 15 quarters of consecutive like-for-like sales growth, and it said its customer numbers were continuing to grow - with about 18 million customers a week. |
| Own brands | 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. | "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. | 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. | However, Sainsbury's has responded to the worsening economic conditions with a big marketing push behind its own-brand goods. |
| Mr King told the BBC: "We've focused on improving our pricing, we've introduced our basics range which means that shoppers who are looking for grams-per-penny value for money can shop in our stores as well. | Mr King told the BBC: "We've focused on improving our pricing, we've introduced our basics range which means that shoppers who are looking for grams-per-penny value for money can shop in our stores as well. |
| "Customers are changing their shopping within our stores, they don't have to go elsewhere to get what they need," he said. | "Customers are changing their shopping within our stores, they don't have to go elsewhere to get what they need," he said. |