The market remains challenging, but Sainsburys will continue to maintain its competitive position on price while building its quality food offer, chief executive officer Justin King said an e-mailed statement on Wednesday.
Net income fell 65% to 64 million pounds ($121 million), or 3.8 pence a share, in the year ended March 25, from 184 million pounds, or 4.1 pence, a year earlier. Pretax profit excluding certain one-time items rose 12% to 267 million pounds, the company said. Bloomberg
Sainsbury may overtake Asda as Britains second-biggest supermarket should its sales growth continue, according to Tim Attenborough, an analyst at Exane BNP Paribas in London who has a neutral recommendation on Sainsbury shares. In March, Sainsbury said sales rose for a fifth straight quarter.
The four biggest supermarket chains in the UK, Tesco, Asda, Sainsbury and William Morrison Supermarkets Plc, were told earlier this month that they face a second inquiry in six years into their dominance of the 120 billion-pound industry.