Sainsbury’s beat expectations to post a 4.3 per cent increase in total sales over the quarter this morning, thanks to strong growth in convenience stores and online.
The food retailer opened 49 new convenience stores over the first half of the year, while the online business posted growth of over 20 per cent year on year.
Sainsbury’s, which, enjoyed a strong profile boost from its tie-up with the Paralympic Games, said like-for-like sales increased 1.9 per cent.
It comes as supermarket giant Tesco this morning posted weaker like-for-like figures of 0.1 per cent.
Chief executive Justin King said this morning that the “challenging economic backdrop” will persist, but that Sainsbury’s is “positioned to perform well coming into the important Christmas period”.
City A.M. Reporter