15th Mar 2016 07:15
LONDON (Alliance News) - J Sainsbury PLC on Tuesday reported growth in sales in the fourth quarter of its financial year and said that, while the market remains competitive, it is confident it will outperform its major peers.
The FTSE 100 supermarket chain said total retail sales in the nine weeks ended March 12 increased by 1.2% excluding fuel and by 0.5% including fuel, both year-on-year.
On a like-for-like basis, retail sales were up by 0.1% excluding fuel, but declined by 0.4% including fuel.
Sainsbury's said it delivered both like-for-like transaction and volume growth in the quarter, while its promotional participation levels continued to be reduced. Online grocery sales grew by nearly 14% and orders by nearly 19%, while clothing sales rose by over 10%, the company said.
A total of 16 convenience stores were opened in the period.
"We have traded well this year and are making excellent progress implementing our strategy. The market will remain competitive but we are confident that we will continue to outperform our major peers," Chief Executive Mike Coupe said in a statement.
Sainsbury's made no mention of its takeover bid for Argos retail chain owner Home Retail Group PLC. The deadline for Sainsbury's and its South African bid rival Steinhoff International Holdings to make firm offers is on Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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