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Sainsbury's posts strong results

Published:  23 July, 2008

Sainsbury's has reported strong profits results for year trading up to March 22 2008.

The supermarket said the results marked the completion of its "Making Sainsbury's Great Again" recovery programme, launched in October 2004.

Underlying profit rose 28% to 488m. Like-for-sales, excluding fuel, were up 3.9%.

Announcing the results, chief executive, Justin King, said: "We have now reported 13 consecutive quarters of like-for-like sales growth and achieved 2.7bn additional sales by March 2008 against the original stretching target of 2.5bn.

"This is a great achievement in a challenging market. We have good momentum as we now focus on taking Sainsbury's from recovery to growth."

King will collect a bonus worth 6.5m for meeting the targets set out in the turnaround plan. A further 1,000 managers will also receive shares under the one-off arrangement.

King added Sainsbury's was also committed to grow its convenience store operation, Sainsbury's Local, its online business and Sainsbury's Bank.