Sainsbury's had a good Christmas with help from Argos Shutterstock
12 January, 2018, 18:52
The U.K.'s second-biggest supermarket chain by market share said that like-for-like retail sales, excluding fuel, for the 15 weeks ended January 6 rose 1.1% compared with the same period a year earlier. Total revenue rose 1.2 per cent in the period, with grocery sales growing 2.3 per cent.
Total grocery sales growth was ahead of that of Q2 (1.4%), however marginally behind that of Q1 (3.0%).
In a statement issued today (10 January), Mike Coupe, Group Chief Executive Officer, said: "We're pleased with our performance across the Group this quarter. We live in uncertain times and we will adapt our business accordingly".
Looking ahead, the group remains cautious about the consumer environment in the coming year, noting it expects market conditions to "remain challenging" and, as a outcome, expects 2017/18 underlying profit to be moderately ahead of published consensus.
The supermarket group said it now expected an extra £20m in cost savings.
Coupe said Sainsbury's now expects to achieve £80million£ 8 5 million of earnings synergies from Argos by March, £20million more than previous guidance.
Khalaf said consumers were spending less on discretionary items given stagnant wages and high inflation.
The second largest United Kingdom grocer reported an increase in like-for-like sales of 1.1 percent during its third quarter, which includes the Christmas period.
Richard Lim, chief executive of Retail Economics, said: "A record Christmas week suggests that families did not compromise on indulging in seasonal treats this year".
"Spreadex analyst, Connor Campbell commented "...the most orange member of the Big Four didn't produce the kind of report that, like Morrisons on Tuesday, lifted the sector as a whole, instead posting a 1.1% jump in like-for-like Q3 sales.
"What should be particularly pleasing for investors is that the company's General Merchandising and Clothing products did well to outperform the wider market where challenging conditions are being felt given the squeeze on consumer's pockets". 52 more Argos stores were opened within Sainsbury's supermarkets, along with some mini Habitat stores.
Morrisons reported strong figures on Tuesday and Tesco, the United Kingdom and Scotland's biggest supermarket operator, is expected to add to the positive food retailing picture today with its festive update.
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