EARNINGS : British Store Chain Profits Up
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LONDON — J. Sainsbury PLC, Britain’s biggest supermarket chain, today reported its profits rose sharply in the first half of this year, boosted by eight new store openings in what was an otherwise weakening domestic economy.
Pre-tax profit for the 28 weeks ending Sept. 29 jumped 27% to $538.6 million compared with $423.6 million in the year-ago period.
Sales climbed to $8.43 billion from $7.33 billion.
Sainsbury has built a leading market share with large-format stores supplying food staples as well as gourmet items.
Sainsbury said its share of the British market rose to 12.1% from 11.3% despite strong competition. “Our exceptional price competitiveness has been fully maintained,” company Chairman Lord Sainsbury said.
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