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| 'Strong sales' boost Sainsbury's | 'Strong sales' boost Sainsbury's |
| (30 minutes later) | |
| Sainsbury's has seen its latest half-year profits rise by one-third, buoyed by an increase in sales. | Sainsbury's has seen its latest half-year profits rise by one-third, buoyed by an increase in sales. |
| The supermarket group's pre-tax profit in the six months to 3 October totalled £342m, up 32.6% from £258m a year ago. | The supermarket group's pre-tax profit in the six months to 3 October totalled £342m, up 32.6% from £258m a year ago. |
| Its like-for-like sales excluding fuel, which strips out the impact of new store openings, rose 5.7%. | Its like-for-like sales excluding fuel, which strips out the impact of new store openings, rose 5.7%. |
| Sainsbury's said its latest results represented a "strong performance" given the current tough economic climate. | Sainsbury's said its latest results represented a "strong performance" given the current tough economic climate. |
| However, it warned that it expected trading conditions to be tougher throughout the second half of the financial year. | However, it warned that it expected trading conditions to be tougher throughout the second half of the financial year. |
| 'Splash out' | 'Splash out' |
| When one-off factors, such as a £37m positive property revaluation, are pulled out, Sainsbury's underlying pre-tax profit for the period totalled £307m, up 18.5% on a year earlier and near the top end of analysts' forecasts. | When one-off factors, such as a £37m positive property revaluation, are pulled out, Sainsbury's underlying pre-tax profit for the period totalled £307m, up 18.5% on a year earlier and near the top end of analysts' forecasts. |
| Only by the middle of next year will it be clear whether we are climbing slowly and clearly out of recession Justin King, Sainsbury's chief executive | |
| The firm said it was now continuing with plans to create 10,000 new jobs by March 2010, as it expands its retail space by 15% - both through new stores and the expansion of existing branches. | The firm said it was now continuing with plans to create 10,000 new jobs by March 2010, as it expands its retail space by 15% - both through new stores and the expansion of existing branches. |
| It is also taking on 20,000 temporary staff at Christmas. | |
| Sainsbury's chief executive Justin King told the BBC that the sales rise was due to a combination of winning more customers from its rivals and its existing shoppers spending more. | |
| Despite the supermarket's warning of tougher trading between now and March, he added that Sainsbury's still expected decent sales over the festive period. | |
| "Christmas is a time when people will splash out a little," said Mr King. | |
| However, he added that "only by the middle of next year will it be clear whether we are climbing slowly and clearly out of recession". | However, he added that "only by the middle of next year will it be clear whether we are climbing slowly and clearly out of recession". |
| Sainsbury's total sales for the half-year rose 3.7% to £11.2bn. |