Sainsbury's posts 11% profit rise

The retailer reported sales of £20.3bn in the year to 21 March, up 6% on the previous year. Underlying pre-tax profit, which excludes profit or loss on property sales and other on-off items, rose by 11% to £543m.

Chief executive Justin King said the preliminary results reflected the supermarket's swift response to a challenging period for UK retail. "Our business is growing because we responded quickly and effectively to a rapidly changing environment."

Sainsbury's said its online food offering now represented more than £500m, and it will launch non-foods in the first half of the current year.

The results statement highlighted the 75% packaging reduction achieved by switching a two-pint plastic bottle for milk to a bag.

It also reflected on its carrier bag usage. The multiple has reduced the number of bags it gives out by 58% in the past two years, resulting in a 63% drop in the amount of virgin plastic used over a three-year period.