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J Sainsbury’s annual profit climbed more than fivefold to £324 million (R4.43 billion) as price cuts and a wider range of fresh and organic foods pushed sales above the UK supermarket chain’s forecasts. May 17, 2007

London – J Sainsbury’s annual profit climbed more than fivefold to £324 million (R4.43 billion) as price cuts and a wider range of fresh and organic foods pushed sales above the UK supermarket chain’s forecasts.

Net income was boosted by a £72 million pension gain, the retailer said yesterday.

Sales climbed 6.9 percent to £17.2 billion.

Sainsbury set a target yesterday of boosting revenue by £3.5 billion over three years. – Bloomberg