J Sainsbury preliminary sales in 2013 up 2.8 percent

REPORT_ Announcing preliminary results for the 52-weeks to March 15, 2014,

J Sainsbury announced that its underlying group sales (including VAT) went up 2.8 percent to 26,353 million pounds (44,721 million dollars). Retail sales were up 2.7 percent and like-for-like sales 0.2 percent. Underlying basic earnings per share went up 6.5 percent.

The relaunch of Tu clothing brand represented the single biggest investment in company’s clothing business since 2004, and Tu generates annual sales of approximately 750 million pounds (1,272 million dollars). Compelling general merchandise & clothing sales are increasing at over twice the rate of food, and Company’s non-food ranges are now on sale in over 400 stores.

Commenting on the result, David Tyler, Chairman, said, “Against a challenging backdrop, Sainsbury's has delivered another year of improving profits, and our market share remains at its highest level for a decade. We have grown underlying earnings per share by 6.5 percent. “We announced in January that Justin King will step down in July after ten years as Chief Executive.”

Added Justin King, Chief Executive, “In a competitive retail environment we have focused on delivering high quality, affordable own-brand products across all our channels, helping customers to Live Well for Less. After ten wonderful years at Sainsbury’s, I will leave the business at our AGM in July and will hand over to Mike Coupe, our Group Commercial Director.”