Profits boost for Sainsbury's

First-half profit climbed 27 percent on increased organic food sales.

The supermarket giant has a 4.7 per cent increase in turnover to
£10bn. Pre-tax profits came in at £240m for the six-month period to 6 October,
while like-for-like sales excluding fuel grew 4 per cent. However, despite an
earlier rise, its shares fell 3 per cent over the day. In April, private equity
firm CVC aborted its bid for Sainsbury's following opposition from the
Sainsbury family, which holds an 18% stake in the business. Sainsbury's hopes
its property venture with UK developers Land Securities will appease investors
looking for the retailer to unlock some value from its estate.