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| Sainsbury's annual profits rise | Sainsbury's annual profits rise |
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| Sainsbury's has reported an 11.3% rise in underlying annual profits as sales rose despite the economic downturn. | Sainsbury's has reported an 11.3% rise in underlying annual profits as sales rose despite the economic downturn. |
| Sainsbury's, which celebrates its 140th anniversary this month, said underlying profit totalled £543m in the year to 21 March, up from £488m a year earlier. | |
| However, pre-tax profits fell 2.7% to £466m once changes in property values were included. | However, pre-tax profits fell 2.7% to £466m once changes in property values were included. |
| Sainsbury's boss Justin King said that people were eating at home more and buying from cheaper product ranges. | Sainsbury's boss Justin King said that people were eating at home more and buying from cheaper product ranges. |
| "Over the past 12 months consumers have become increasingly 'savvy' and have responded to rises in the cost of living by making significant changes to the mix of products they buy," Mr King said. | "Over the past 12 months consumers have become increasingly 'savvy' and have responded to rises in the cost of living by making significant changes to the mix of products they buy," Mr King said. |
| SAINSBURY'S FACTS Sainsbury's opened its first store on Drury Lane, London in 1869In 1882 launched its own-brand productsIntroduced self-service shopping in 1950. In 1870, stocked three products (butter, eggs and milk) Now sells over 30,000 products See Sainsbury's share price | |
| The company said its had it expanded its "cheap and cheerful" basics range, which was now its fastest growing brand with sales up more than 60% in the first three months of 2009. | |
| But Mr King said that people were still buying the more expensive Taste The Difference and Fair Trade ranges. | |
| Sainsbury's has managed to expand its market share at the expense of larger rival Tesco, but discount chains such as Aldi and Lidl have also grown their share of the sector. | |
| While many companies have cut dividends to conserve cash as the downturn bites, Sainsbury's said its full-year dividend would total 13.2p per share, an increase of 10% from the previous year. | While many companies have cut dividends to conserve cash as the downturn bites, Sainsbury's said its full-year dividend would total 13.2p per share, an increase of 10% from the previous year. |
| Total sales rose 5.7% to £20.38bn, and like-for-like sales growth - which excludes the impact of new stores - was 4.5%. | |
| Sainsbury's said that the economic situation would remain challenging, but said its broad range of products should ensure the company would perform well. | |
| "Sainsbury's universal appeal gives customers the flexibility to change what they buy rather than where they shop helping them offset the current constraints on household budgets," the company said. |