The boss of Sainsbury's has told Sky News he has a "few more years" in him at the helm of the supermarket chain despite the appointment of headhunters tasked with identifying his successor.
Justin King was speaking after Sainsbury's confirmed a slight fall in annual profits, amid the intense battle among supermarkets to grow market share and invest in online.
It made a pre-tax profit of £788m in the year to March 16 - down 1.4% on the previous 12 months because of property disposals though underlying profits were up 6.2%.
Mr King also confirmed the weekend report by Sky's City Editor Mark Kleinman that it had struck an agreement with Lloyds Banking Group to take full control of Sainsbury's Bank, at a cost to the chain of £248m.
Sainsbury's said its move to acquire the 50% shareholding it did not own was an opportunity to "enhance loyalty by offering accessible, high quality and tailored products which reward customers who bank and shop with us."
Sainsbury's has been investing in its supply chain Growth online and in convenience stores drove market share gains for the supermarket business by 0.2% over the period according to the Kantar Worldpanel measure.
Total sales over the year rose 4.6% to £25.6bn - boosted by what it called the "milestone" of non-food sales reaching £1bn for the first time.
Grocery online sales were nearing the £1bn mark, Sainsbury's said, while convenience stores took £1.5bn.
During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores.
The full-year dividend was increased 3.7% to 16.7p.
Mr King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the flat-lining economy.
He said: "Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth."
In his interview with Sky News he moved to quell speculation about his future, adding: "I've got plenty of headroom left yet and I consider myself still to be a relatively young man so I've got a few more years in Sainsbury's left in me yet."
Sky News revealed last month that Egon Zehnder, the search firm, had been appointed by David Tyler, Sainsbury's chairman, to identify Mr King's successor.
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