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A surprising buck to the trend of the current financial climate is today’s announcement from Sainsbury’s of a pre-tax profit.
In the six months leading up to 4th October this year, Sainsbury’s pre-tax profit was increased by £272 million, a percentage of 13.3, when compared to the same period last year.
Their like for like pre-tax profits, which nullifies the impact of new store openings, has increased 3.9% when again compared to the same period last year.
Sainsbury’s shares on the market have reacted positively to this news, as they increased by 4%.
Speaking on BBC News, Sainsbury’s Chief Executive Justin King talked about the change in marketing, as Sainsbury’s put more emphasis on their own-branded goods.
“We’ve focused on improving our pricing, we’ve introduced our basics range which means that shoppers who are looking for grams-per-penny value for money can shop in our stores as well. Customers are changing their shopping within our stores, they don’t have to go anywhere else to get what they need” quoted Justin King.
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