Financial Summary 2008/09
• Total sales (inc VAT) up 7.6 per cent to £10,756 million (2007/08: £9,998 million)
• Like-for-like sales growth (1) excluding fuel (inc VAT) of 3.9 per cent
• Underlying profit before tax (2) up 13.3 per cent at £272 million (2007/08: £240 million)
• Profit before tax of £258 million (2007/08: £232 million)
• Underlying basic earnings per share (3) up 10.3 per cent to 10.7 pence (2007/08: 9.7 pence)
• Basic earnings per share of 9.8 pence (2007/08: 9.4 pence)
• Interim dividend of 3.6 pence (2007/08: 3.0 pence) in line with stated policy
Operating Summary
• 15 quarters of consecutive like-for-like sales growth
• Continued growth in customer numbers: now around 18 million customer transactions each week
• Universal customer appeal caters for full range of needs and budgets
• Offer developed for current environment and performing well
• Continued investment in product quality and competitive pricing
Making Sainsbury’s Great Again: Recovery to Growth
• Strong brand heritage and ethical business approach underpins Sainsbury’s offer
• Quality and value continue to provide differentiation from major competitors
• New 30,000 sq ft non-food offer launched in April 2008
• Plan to accelerate expansion of convenience operation
• On track for four per cent gross space growth this year
• Creation of property joint venture with British Land to unlock key store development opportunities

Philip Hampton, Chairman, said: “We have delivered a good performance during the first half of the year.
Our results are testament to the considerable progress made over the past four years as part of the Making Sainsbury’s Great Again recovery plan. Sainsbury’s is now a more robust business, with a strong financial position and capable of responding successfully to the current challenging economic conditions.
Underlying profit before tax for the first half was up 13.3 per cent to £272 million. Our interim dividend is 3.6 pence in line with our stated policy to pay this at 30 per cent of the previous full year dividend.”
Justin King, Chief Executive, said: “Our universal customer appeal has been fundamental to our sustained performance and we have continued to invest in both product quality and competitive pricing.
Sainsbury’s is catering for, and appealing to, the full range of customer needs and budgets. Total sales for the first half were up 8.3 per cent (1) (5.0 per cent excluding fuel) and like-for-like sales were up 7.4
per cent (1) (3.9 per cent excluding fuel). Sainsbury’s has also continued to drive cost efficiencies and this, alongside the good sales performance, has delivered further profit growth.
“With around 18 million customers a week we work hard to listen and respond to their needs and this has been particularly relevant during the first half of the year as shopping patterns have changed significantly
and in a relatively short space of time. Getting the best value for money is even more important to consumers when household budgets are stretched. Customers are now buying a different mix of products and we have successfully developed our offer to help offset the rising cost of living and tighter
household budgets. Our ‘good, better, best’ range hierarchy gives customers flexibility to change how they shop, rather than where they shop, and they can get all their weekly shop at Sainsbury’s.
“We have continued to invest in our five areas of focus for growth. These build and stretch our lead in food, accelerate the development of non-food ranges, extend the reach of our brand, grow our store estate and actively manage our property assets. Following a review of our convenience operation we are also today announcing plans to accelerate growth in this area of our business.
“Progress in the last four years has made Sainsbury’s a more robust business with a wide customer base and universal appeal. While we expect the economic environment during the second half to remain particularly challenging, we are developing our offer to continue to meet the needs of customers and
maintain our good progress.”

Notes:
1. First half like-for-like and total sales growth have been Easter-adjusted for comparative purposes. 2008/09 included an Easter Sunday trading week. 2007/08 included a Good Friday trading week and an Easter Monday trading week.
2. Underlying profit before tax: Profit before tax from continuing operations before any profit or loss on property-related items, impairment of goodwill, financing fair value movements and one-off items that are material and infrequent in nature.
3. Underlying basic earnings per share: Profit after tax from continuing operations attributable to ordinary shareholders before any profit or loss on property-related items, impairment of goodwill, financing fair value movements and one-off items that are material and infrequent in nature, divided by the weighted average number of ordinary shares in issue during the
period, excluding those held by the ESOP trusts, which are treated as cancelled.
4. Mintel Ethnic restaurant and takeaway UK report 2008
5. Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise
required by applicable law, regulation or accounting standard, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.
6. We will be holding a presentation for analysts and investors at 09:45 (GMT) on 12 November 2008.
To view the slides of the Results Presentation and the Webcast:
We recommend that you register for this event in advance. To do so, please visit www.j-sainsbury.co.uk and follow the onscreen instructions. To participate in the live event, please go to the website from 09:30 (GMT) on the day of the announcement, and further instructions will be on the website. The archive of this event will be available from 12:00 (GMT) on
the day in the form of a delayed webcast.

To listen to the Results Presentation:
To participate, dial +44 (0) 20 8974 7900 at least ten minutes prior to the start of the presentation. You will be asked to give the passcode, 165149, your name and company details. You will then be placed on hold until the presentation starts.