British supermarket chain Sainsbury says it has halted a two-year slide in profits thanks to a vigorous cost-cutting drive and its best sales growth in a decade at its British grocery stores.
Sainsbury said underlying pre-tax profit grew by 14% to £627m sterling in the year to March on 7% higher revenue of £18.2 billion. Overall pre-tax profit rose by 31% to £571m.
The group said it had trimmed annual costs by another £160m and expected to cut overheads by another £200m in the current financial year.
