Sainsbury’s staff are set to cash in on a £60m bonus pool after the supermarket chain reported an 11.3% increase in annual profits.
The money – which has increased by 28% from the £47m they shared last year – will be split between 120,000 staff at the company, with workers on average expected to receive a bonus of £500.
The supermarket chain attributed its profits to the surge in customers requiring its ‘basics’ range, as overall sales increased by 5.7% to £20.4bn.
Justin King, chief executive of Sainsbury’s, said: “Our progress in the past four years has made the company a stronger business with a wide customer base and universal appeal. We are performing well and have significant opportunities for further growth.
“We expect the current economic environment to remain challenging, but our focus on doing a great job for customers means we are well positioned to continue our good progress.”
In January, Sainsbury’s announced up to 300 head office jobs would be lost as a result of restructuring.
Last month, Sainsbury’s rival Tesco announced a 10% rise in profits, and said it would create 11,000 new jobs, ring-fencing many of these for the long-term unemployed.