J SAINSBURY boss Justin King said the retailer’s success “was not dependent on others failing” as the group continued to win market share from rivals like Tesco and posted a surge in fourth-quarter sales.
Justin King described himself as a “competitive guy” as the UK’s third largest supermarket reported a 2.6 rise in like-for-like sales excluding fuel in the 10 weeks to 17 March against “a challenging backdrop.”
King said convenience, non-food and online were all growing ahead of the market, with the latter growing at 20 per cent a year.
He dismissed any concerns of competition from other retailers in the fresh food arena, highlighting the supermarket’s £85m investment into quality fresh food and emphasising its “leadership position.”
Sales of its Basics range of cheap products rose by 10 per cent in the final quarter of the year to 17 March, while sales of Taste the Difference ranges were up by 20 per cent.
King said the success of its value range beyond the Christmas period “demonstrates...this challenge customers are facing of saving week-on -week.”
King said this would continue as households were forced to manage budgets and save for special occasions like the Jubilee and the Olympics.