Underlying half-year profit before tax was ahead of expectations at Sainsbury as it continued to outperform in a challenging market.
Underlying profit before tax in the 28 weeks to September 29th was up 5.4% to £373m from £354m the year before. Seymour Pierce had gone for £370m while Charles Stanley had plumped for £363m.
Total sales, including valued added tax (VAT) and fuel, were up 4.0% to £13,365m from £12,848m the year before, while excluding fuel they were 4.1% year-on-year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Like-for-like sales growth in the reporting period, including VAT and excluding fuel, were up 1.7%.
The interim dividend has been hiked 6.7% to 4.8p from 4.5p the year before.
"Whilst the wider economic situation remains challenging, we are well positioned to help our customers Live Well For Less. Our long-standing consistent strategy, combined with our customer insight and strong value-driven culture, will continue to deliver for customers, colleagues and shareholders," said Justin King, Chief Executive of Sainsbury.
-
SIPP holders to get cash warnings and be offered default fundsNews Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
