First-half profits at British supermarket group Sainsburys came in just short of market expectations but the company said today it was still on track to deliver a promised turnaround.
Underlying pretax profit came in at €175 million against market forecasts of $179 million.
But the company said in a statement that its recovery plans were on track following three consecutive quarters of like-for-like sales growth.
Product availability - once the Achilles' heel of the country's third-largest foodseller - was now at levels comparable with the industry, Sainsbury's said.
As the former market leader attempts to increase turnover its ranges were far better than last year's as it gears up for the all-important Christmas trading period, chief executive Justin King said.
Shares in Sainsbury, which last month posted a 4.1 increase in same-store sales including fuel for the half year, opened 1.5 per cent lower valuing the company at £5.49 billion.
Sainsbury set an interim dividend of 2.15 pence per share, unchanged on the year-ago payout.