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Sainsbury's Q3 sales up 4.5% despite economic downturn
Source: Agencies |
January 8, 2009, Thursday
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J SAINSBURY PLC, Britain's third largest supermarket chain, today said third quarter sales rose 4.5 percent, with trading on Christmas Eve and New Year's Eve at record levels despite the economic downturn.
The company said the increase in like-for-like sales -- excluding fuel and new store openings -- in the 13 weeks to January 3 was higher than the previous quarter's 4.3 percent growth rate.
The firm said it had 22.6 million customers in the final week before Christmas, and its busiest ever trading day on December 23.
Sainsbury's also reported having record orders for its online home delivery service.
The figures are likely to increase pressure on market leader Tesco. Tesco reported a sharp fall in sales growth to 2 percent at the end of last year due to intense competition and its major investment in discount ranges.
Sainsbury said its cheaper "basics" range saw sales rocket more than 40 percent year-on-year.
Chief executive Justin King expects a "particularly challenging" economic climate to continue during 2009 but said the firm would keep investing in price and promotions to continue its progress.
"The economic environment remains particularly challenging and we expect this to continue in 2009, however our continued investment in price and promotions along with universal appeal and a wide customer base means we are well positioned to continue our good progress," King said.
Shares in the company rose this morning by 1.6 percent to 328 pence.
The company said the increase in like-for-like sales -- excluding fuel and new store openings -- in the 13 weeks to January 3 was higher than the previous quarter's 4.3 percent growth rate.
The firm said it had 22.6 million customers in the final week before Christmas, and its busiest ever trading day on December 23.
Sainsbury's also reported having record orders for its online home delivery service.
The figures are likely to increase pressure on market leader Tesco. Tesco reported a sharp fall in sales growth to 2 percent at the end of last year due to intense competition and its major investment in discount ranges.
Sainsbury said its cheaper "basics" range saw sales rocket more than 40 percent year-on-year.
Chief executive Justin King expects a "particularly challenging" economic climate to continue during 2009 but said the firm would keep investing in price and promotions to continue its progress.
"The economic environment remains particularly challenging and we expect this to continue in 2009, however our continued investment in price and promotions along with universal appeal and a wide customer base means we are well positioned to continue our good progress," King said.
Shares in the company rose this morning by 1.6 percent to 328 pence.
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