Sainsbury’s has reported a strong performance for the 12 weeks to March 22, with like-for-like sales excluding fuel rising by 4.1 per cent.
The figures were at the top end of the retailer’s expectations, and chief executive Justin King described the quarter as showing a “good performance”.
The supermarket chain has also unveiled a joint venture with British Land to create a £1.2 billion initiative to run 39 superstores across the UK.
Sainsbury’s will plough £273 million into the scheme, and will own a 50 per cent stake.
The stores are currently owned by British Land and will be leased to Sainsbury’s for 20 years. The new scheme aims to deliver better value to shareholders, develop the stores involved and deliver a better shopping experience to customers.
The plan is to extend up to 25 sites by an estimated 500,000sqft of selling area, dependent on planning permission.
“This venture is an excellent opportunity for Sainsbury’s to increase our interest in the future extension and development of many of our most important stores,” said King. “This will enable us to enhance our customer offer, increasing both the trading and property value of these assets.”
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