Sainsbury's recorded modest growth in like-for-like sales in its fourth quarter and full year results for 2010, during what it described as a “tough consumer environment”.
In its fourth quarter trading statement for the 10 weeks to 19 March 2011, the supermarket operator achieved a 1 per cent rise in like-for-like sales compared with the same period of 2010.
For the full year 2010, the retailer recorded a sales increase of 2.3 per cent, which had come in spite of a 16 per cent rise in fuel price inflation, a factor that Sainsburys said was having a “significant impact on household budgets”.
Despite this, the company said it had opened three new supermarkets, including two replacement stores, during the quarter and 21 new convenience outlets.
In a statement, Sainsbury's chief executive Justin King said: “We expect the consumer environment to remain tough, with our customers facing fuel price inflation, uncertain employment prospects and government spending cuts.
“We have demonstrated our ability to perform well in these conditions and are confident that our growth plans and universal customer appeal mean we are well-positioned for further growth in 2011/12.”
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