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 havedelivered good sales growth in the quarter, in line with ourexpectations, helping our customers to manage both their weeklybudgets, and to celebrate special occasions,' said chief executive Justin King. 'Over the quarter wemaintained our outperformance of the market with 1.4 per centlike-for-like growth.
'Customers continued the habit of savvy shopping to save moneyin order to be able to treat themselves on special occasions, shownby strong sales in the lead up to the Jubilee celebrations,' he continued. 'Just asin 2011, the quarter was characterised by five bank holidays, aroyal event and periods of unseasonal weather. Consistentperformance year-on-year puts our two year like-for-like salesgrowth 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 toLive Well for Less. We remain well placed to continue to outperformthe market.'
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