However, profit was severely depleted by the cost of investment in the business turnaround. Profit before tax wasÂŁ15 million, down fromÂŁ610 million the year before. The retailer said that business review exceptional costs wereÂŁ510 million for the year, with a further cost ofÂŁ50 million expected for this financial year.
Like-for-like sales were down 0.4 per cent for the year. However, like-for-like sales improved by 1.7 per cent in the final quarter.
The retailer said it hoped to grow sales byÂŁ2.5 billion over the next three years, while investing up toÂŁ400 million in improving the customer offer over the same period.
Chairman Philip Hampton was pleased with the results, but sanguine about the future. He said: 'While it is pleasing to be able to report that our sales performance improved towards the end of the year, these are early days, and there is much to be done to deliver our plans in a tough and competitive UK retail market. By continuing to focus on customer-facing initiatives we are all totally committed to making Sainsbury's great again.'
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