Sainsburys Sales Exceed Forecast

Fri, 12 Jan 2007
 
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British supermarket retailer, J Sainsbury, is expected to spend around £12 million on revamping its distribution depots over the next two years due to sales growth exceeding expectations.

The company revealed a 5 per cent rise in sales in the 3 months leading up to December 30, its eighth quarter of growth, which was boosted by a 1.7 per cent increase in grocery prices.

Justin King, chief executive, said Sainsbury’s was ahead of initial plans to increase sales by £2.5 billion by next year, as over a million extra customers had been attracted during Christmas compared with last year.

"We have been ahead from early on and are now further ahead than three months ago," he said.

Rival retailer Morrisons, earlier this week, revealed that shoppers were trading up to better quality foods, something that Sainsbury’s is currently experiencing.

The company’s ‘Taste the Difference’ premium food range showed an increase in sales of 20 per cent over the quarter and the brand now accounted for £1 billion of all sales .

Mr King added that Sainsbury’s was increasing sales of non-food at the fastest rate of any of the British supermarkets.

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