- LONDON: Britain’s third-largest supermarket chain, J.
- Sainsbury PLC, has reported a 38 percent rise in half-year net profit and a slight gain in market share despite tough competition, rising food prices and the economic slowdown.
Sainsbury said Wednesday that net profit for the 28 weeks to Oct. 2 was £347 million ($555 million), up from £252 million a year earlier.
Revenue for the period rose 7 percent to £11.9 billion.
Chief Executive Justin King says customer numbers reached 20 million transactions a week, up 1 million on last year, “a clear indication of our growing universal customer appeal.” Sainsbury shares are down 1.2 percent at 372.6 pence on the London Stock Exchange.