Sainsbury’s continue to rake in the cash

On Wednesday Sainsbury’s (SBRY) the Supermarket giant reported good profit on high sales for the full year, with additional market share gains and the growth being driven by non food businesses. Total sales were up over 7% including VAT, announced the FTSE 100 listed firm, for the year end March 19 at £21.94 billion.

The third largest supermarket in Britain has also reported pre-tax profit that is up 9% to £665 million with earnings per share increasing by almost 11% to over 26p. They said the increased figures were brought about by being able to outperform the market in very difficult and challenging circumstances which resulted in an increased overall market share.

There weekly transaction rate increased to 21 million and even 1 million higher that last year and according to a leading market research firm their market share grew by .02% in the 52 weeks to March 20.

The supermarket has re-released its Taste the Difference brand and they are also focusing on non food business. It sais non food was growing more than 3 times what food was growing and they also stated they are now the UK’s seventh largest retailer of clothes.

Their convenience branches, Sainsbury’s Local account for £1 billion in sales and their online sales in groceries have increase by over 20% in the year. Sainsbury’s Bank, their part of the financing sector says before tax profits are up over 50%. Justin King, chief executive who was hired seven years ago to turn the business around and to stop losing market share says the company is continuing to perform well with customer numbers at an all time high.