Sainsburys Staff Share Record Payout

Wed, 16 May 2007
 
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British supermarket giant Sainbury's today reported underlying annual profits of £380 million, an increase of 42 per cent form last year, and announced that its three-year recovery plan was ahead of schedule.

Sainsburys, which recently fought off a private equity takeover approach last month, has set itself new targets to boost sales growth by as much as £3.5 billion over the next three years.

Employees at the grocery retailer are set to take a share of a record £56 million bonus payout following the full-year profits haul and the company’s ninth consecutive quarter of like-for-like sales growth.

Shareholders are also set to get a big increase in their dividend payout, with the full-year total increasing to 9.75p a share .

Justin King, chief executive at the supermarket group, has been the driving force behind the company’s sales increase of £1.8 billion over the past two years, ahead of initial targets, and today unveiled a new three-year plan.

Mr King said that around 30 new supermarket stores will be opened over the next three years, as well as 100 convenience stores, as the group moves from its recovery stage to growth. More sales will also be expected from its non-food range.

"This strong sales performance is ahead of our own expectations. It's also our best for many years," he commented.

"These achievements give us a strong foundation on which to build. We believe now is the right time to look to the next stage of our recovery and to expand the business to drive growth for the longer-term."

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