Supermarket giant Sainsbury's today announced profits of £488million – as shoppers bear the brunt of soaring food prices. The company crowned a three-year turnaround plan by announcing a 28 per cent rise in annual profits, putting its chief executive in line for a £9million windfall. The announcement comes just a day after inflation leapt to three per cent, partly fuelled by rocketing grocery prices. Sainsbury's sales for the year to March 22 were 5.8 per cent up at £19.3billion, while the figure for underlying pre-tax profits was slightly ahead of City predictions. The retailer said it had exceeded a series of targets set down under the "Making Sainsbury's Great Again" scheme, which was launched in 2005 by chief executive Justin King. He is now in line for a multi-million pound payout, potentially worth as much as £9million as a result of his success. About 117,000 staff will also be in line for a share of a £47million payout this year – an average of £401 per worker – as part of the success.