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Christmas trading boosts Sainsbury's performance
The retailer opened eight new supermarkets in a quarter that saw its like-for-like sales jump 4.2%.
Strong trading over the Christmas period has helped Sainsbury's to record a 4.2% jump in like-for-like sales during the third quarter of its financial year.
The retailer, which is on track to increase its gross commercial property space by 15% in the two years to March 2011, said it served 24 million customers in the week up to and including Christmas Eve.
The like-for-like transactions figure - which excluded fuel and VAT - was higher than the 3.7% increase that was predicted by analysts in a Reuters poll.
Sainsbury's opened eight new supermarkets over the quarter, it noted, as well as carrying out five store extensions.
As a result, it had 32 more sites open for the festive period than it did in Christmas 2008.
Total sales growth grew 6.2%, and chief executive Justin King noted that this was partially due to the increase in stores.
”Our strategy of delivering great food at fair prices has resulted in a record Christmas performance,” he added.
The announcement helped Sainsbury's shares to climb to 323.9p in morning trading.
Strong trading over the Christmas period has helped Sainsbury's to record a 4.2% jump in like-for-like sales during the third quarter of its financial year.
The retailer, which is on track to increase its gross commercial property space by 15% in the two years to March 2011, said it served 24 million customers in the week up to and including Christmas Eve.
The like-for-like transactions figure - which excluded fuel and VAT - was higher than the 3.7% increase that was predicted by analysts in a Reuters poll.
Sainsbury's opened eight new supermarkets over the quarter, it noted, as well as carrying out five store extensions.
As a result, it had 32 more sites open for the festive period than it did in Christmas 2008.
Total sales growth grew 6.2%, and chief executive Justin King noted that this was partially due to the increase in stores.
”Our strategy of delivering great food at fair prices has resulted in a record Christmas performance,” he added.
The announcement helped Sainsbury's shares to climb to 323.9p in morning trading.
Thu, 7th Jan 2010