Sainsbury’s has reported a 4.1% increase in like-for-like sales for the 12 weeks to March 22. The rise is above analysts’ expectations in the face of a tough retail trading market.
Its full year like-for-like sales, excluding fuel, grew by 3.9%. The company has now returned a sales growth of £2.7bn since March 2005.
Justin King, Sainsbury’s chief executive, says it continues to see strong growth in its non-food sales, primarily in clothing and homeware.
“The fourth quarter contained a number of seasonal events as well as our own initiatives and we are pleased with our operational performance which helped us deliver good growth during these periods,” King says.
The supermarket chain today launched its “Feed your family for a fiver” campaign, which provides customers with a range of healthy meal ideas for four people for £5 or under.
It has also announced it will create a £1.2bn joint venture with British Land to run 38 superstores across the UK. The move is part of its scheme to deliver better shareholder value.