13th Nov 2013 07:30
LONDON (Alliance News) - Supermarket chain J Sainsbury PLC reported Wednesday a higher profit in its first half, driven by increased sales and lifted its dividend.
For the 28 weeks to September 28, pre-tax profit increased 9.1% to 433 million pounds from last year's 397 million pounds. The prior year results have been restated as a result of the amendments made to IAS 19 'Employee Benefits'.
Underlying profit before tax, which excluded certain items, was 400 million pounds, compared to last year's 374 million pounds.
Underlying basic earnings per share was 16.6 pence, compared to 15.2 pence a year ago.
Total sales, including value added tax or VAT and fuel, grew 4.4% to 13.95 billion pounds from 13.37 billion pounds a year ago. Revenue excluding VAT, but including fuel increased 4.3% to 12.68 billion pounds.
Total sales including VAT, excluding fuel were up 4%, as like-for-like sales rose 1.4%.
The company noted that it outperformed the market, and were the only major supermarket to increase market share - up by 13 basis points to 16.8%.
Further, the company said its Board has proposed an interim dividend of 5.0 pence, a growth of 4.2% from last year.
Justin King, Chief Executive said, "Whilst customers' budgets remain tight and any recovery in the economy may take time to take effect, our consistent strategy and strong values-driven culture mean we are well placed to continue to deliver for customers, colleagues and shareholders."
Copyright RTT News/dpa-AFX
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