LONDON (AP) — J Sainsbury PLC, Britain's third-largest grocer, said yesterday that full-year profit fell 12 percent despite a solid increase in sales as the company booked a sizeable one-off loss for the revaluation of stores it part-owns.

For the year ending March 21, the company said its net profit was £289 million ($443 million), down from £329 million in the previous year. Much of the loss came from a £124 million charge taken to reflect the fallen value of 38 stores the company owns in a joint venture with British Land. An 18 percent increase in income tax to £177 million and a near doubling in finance costs to £89 million also hit the company's bottom line.

Sales rose 5.7 percent to £20.4 billion despite the recession; comparable sales excluding fuel were up 4.5 percent.