Thursday 14th June 2012, 09:52 London
Sainsbury's 'outperforms market' in Q1
Group reports on 'good sales performance' in the UK despite the ongoing challenging market conditions
UK grocery retailer Sainsbury's, the third largest in the country by market share, has taken a positive stance on its results for the first quarter period ended 9 June 2012.
While like-for like sakes growth of 1.4 per cent was down on the final quarter of the previous fiscal year, the group said that it had 'continued to outperform the market'.
Total sales for the opening quarter came in at 3.6 per cent, or 3.8 per cent excluding fuel, compared with the same period of 2011.
"We have delivered good sales growth in the quarter, in line with our expectations, helping our customers to manage both their weekly budgets, and to celebrate special occasions," said chief executive Justin King. "Over the quarter we maintained our outperformance of the market with 1.4 per cent like-for-like growth.
"Customers continued the habit of savvy shopping to save money in order to be able to treat themselves on special occasions, shown by strong sales in the lead up to the Jubilee celebrations," he continued. "Just as in 2011, the quarter was characterised by five bank holidays, a royal event and periods of unseasonal weather. Consistent performance year-on-year puts our two year like-for-like sales growth at 3.3 per cent."
King praised the performance on the group's own label ranges and pointed to growing market share in non-food, while adding that the growing convenience store segment had been a strong driver for improved sales through the quarter.
"Looking forward, we expect the market to remain competitive," he noted. "Universal appeal, supported by market leading own label ranges, Brand Match and loyalty insight, ensures we help our customers to Live Well for Less. We remain well placed to continue to outperform the market."