UK grocery retailer Sainsbury’s has recorded a good finish to a strong fiscal year, with like-for-like fourth quarter sales (for 10 weeks to 17 March 2012) up by 2.6 per cent excluding fuel.
The result contributed to an increase in like-for-like sales for the 2011/12 year of 2.1 per cent excluding fuel, which chief executive Justin King described as a “good performance against a challenging backdrop”.
He said: “Our strategy of delivering universal customer appeal is succeeding in the current economic climate.
“Underpinning our performance is our quality food offer. We have invested over £85m this year to make our fresh food better than ever, and this is delivering real results.”
Citing Kantar Worldpanel data (for 52 weeks to 19 February 2012), King said Sainsbury’s own label brands were continuing to perform ahead of those of rivals, with sales of the ‘basics’ budget range up by 10 per cent, and the ‘Taste the Difference’ premium label by 20 per cent.
Sainsbury’s chief executive said the retailer’s convenience business has also grown by over 20 per cent during the quarter, driven by a “combination of new space and strong like-for-like sales growth”.
King added: “We have demonstrated that delivering quality and value is a compelling offer for customers.
“The economic climate is likely to remain challenging, and we are committed to helping customers make their money go as far as possible.
“Nonetheless, the Diamond Jubilee, Olympic and Paralympic Games are wonderful opportunities this year for the country to join together and celebrate, and we expect these to underpin our continued growth as customers trust Sainsbury's to make their celebrations really special.”
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