Sainsbury's chief executive officer Justin King has hailed the retailer's 'good performance' for the first quarter of 2008, with total sales increasing by 8.1 per cent and like-for-like sales up 7.3 per cent.
The improved results come on the back of a series of promotions focusing on high quality at low prices, Mr King said, including the expansion of the group's Basics range and the launch of its Feed Your Family For a Fiver campaign.
'We've delivered another good performance in line with our expectations, with sales growth excluding fuel of 3.4 per cent on top of strong comparative growth in the first-quarter of last year,' said Mr King. 'We have enhanced our promotional offer, providing clear and simple deals for customers, and further expanded our Basics range which continues to show strong sales growth.'
He said that the group had opened four new stores during the first-quarter period, while 22 of the 36 convenience stores that were announced for closure during March had now been shut.
'The challenging economic environment continued throughout the quarter. Whilst we anticipate that this will remain challenging, we operate from a strong financial position and our expectations for the full year remain unchallenged,' Mr King added.
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