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Sainsbury's Outperforms Thanks To Online Push And Rise Of Convenience Stores

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SAINSBURYS
Sainsbury's results beat its rivals in Tesco and Morrisons, with Asda to report later this month | Alamy

Supermarket giant Sainsbury's made it 31 in a row for consecutive quarters of growth, with like-for-like sales up 1.7%, outperforming rivals Tesco and Morrison.

Sainsbury's reported a pre-tax profit £373 million in the 28 weeks to 29 September, putting it on track with analysts expectations.

The supermarket put its continued success down to great food, better clothing and merchandise and the growth of its online sales and convenience stores.

During the first half of 2012, Sainsbury's opened five supermarkets, 49 convenience stores and three extensions.

Chief executive Justin King said in a statement: "Our share of the grocery market is the highest for almost a decade at 16.7%, with 31 consecutive quarters of like-for-like sales growth. We continue to succeed by remaining focused on delivering quality products, best-in-class service and value for our customers, without compromise. Brand Match, Nectar and our highly targeted coupon-at-till all reinforce our price competiveness.

"While the wider economic situation remains challenging, we are well positioned to help our customers Live Well For Less. Our long-standing consistent strategy, combined with our customer insight and strong value-driven culture, will continue to deliver for customers, colleagues and shareholders."

The results outshone two of its major rivals - Morrisons, the UK's No. 4 grocer, posted a 2.1 % fall in third quarter underlying sales, and Tesco, which last month posted a 12.4% fall in first half UK trading profit. Asda is due to report on 15 November.

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Filed by Charlie Thomas