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Christmas trading boosts Sainsbury's performance
Strong trading over the Christmas period has helped Sainsbury's to record a 4.2 per cent 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 per cent 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 per cent 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 per cent, 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.
The retailer, which is on track to increase its gross commercial property space by 15 per cent 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 per cent 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 per cent, 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