LONDON (dpa-AFX) - Sainsbury(J) Plc (SBRY.L, JSAIY.PK) announced preliminary results for the 52 weeks to 17 March 2012 posting pre-tax profit of 799 million pounds, down from 827 million pounds last year.
Earnings per share dropped to 31.5 pence from 33.8 pence in the previous year.
Underlying profit before tax was 712 million pounds, higher than 665 million pounds in the prior year. Underlying earnings per share rose to 27.8 pence from 26.1 pence a year ago.
Revenue was up to 22.29 billion pounds from 21.1 billion pounds a year earlier.
Justin King, Chief Executive said, 'We are succeeding by understanding what our customers want, supporting and inspiring them to Live Well For Less. Delivering quality and value is a compelling offer, in tune with what today's savvy shoppers want. Brand Match, combined with our use of coupon-at-till, has improved Sainsbury's price perception whilst retaining the benefits of our heritage in quality and service...
Whilst the wider economic situation remains uncertain, we remain confident that our clear strategy, market insight and strong values will enable us to make further progress both in our core food and non-food businesses, as well as new channels and services in the year ahead.'
The Board has proposed a final dividend of 11.6 pence, making a full year dividend of 16.1 pence, up 6.6 per cent year-over-year. The Board plans to increase the dividend each year and now intends to build cover to two times over the medium term.
Copyright RTT News/dpa-AFX