SAINSBURY, THE UK’s third- largest supermarket owner, reported third-quarter sales growth that beat analyst estimates as the grocer sold more luxury food and budget ingredients to win a battle for Christmas customers.
Revenue at stores open at least a year rose 2.1 per cent in the 14 weeks ended January 7th, the London-based retailer said in a statement.
That compared with the 1.8 per cent median estimate of eight analysts compiled by Bloomberg.
Growth was 1.2 per cent excluding value-added tax, the company said.
Sainsbury counted a record 26 million transactions in the week before Christmas, up 1.5 million from the previous year, as customers responded to a price-matching campaign and new products such as the “Gok for Tu” women’s clothing range.
The retailer is battling for business with competitors such as Tesco as rising food and fuel prices restrain shopper spending.
“Sainsbury’s Christmas performance has remained more robust than peers,” said Matthew Truman, an analyst at JPMorgan Cazenove. – (Bloomberg)
