Sainsbury’s profits rise again

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PROFITS at Sainsbury’s rose again today as the supermarket maintained its run of success under chief executive Justin King.

It came as the retailer also announced it was taking full control of Sainsbury’s Bank in a £248m deal to buy the 50 per cent stake held by taxpayer-backed Lloyds Banking Group.

Full-year results to March 16 showed underlying profits up 6.2 per cent to £756m, though the bottom-line pre-tax figure fell 1.4 per cent to £788m when property disposals were included.

Mr King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the economic downturn.

He said: “Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth.”