Sainsbury Profit Up, Announces Plans for New Online Business

London J. Sainsbury unveiled plans to launch a nonfood online business next year.

The announcement was made on Wednesday while the company reported a 1.2% rise in full year net profit. Sainsbury reported a profit of ?329 million ($642 million) for the year ending March 22, compared with ?325 million in the previous year.

Total sales were up 5.8% to $37.7 billion.

CEO Justin King said that Sainsbury had moved from "recovery to growth."