UK: Sainsbury's shares jump after sales rise
The company reported a 5.1% increase in like-for-like sales for the six months to 1 October
Sainsbury's saw its shares rise this morning (5 October) after the UK's third-largest retailer reported higher quarterly and half-year sales.
The company reported a 5.1% increase in like-for-like sales for the six months to 1 October. Excluding fuel, like-for-like sales were up 1.9%.
In the second quarter of the year, like-for-like sales rose 5.4%. Again, excluding fuel, like-for-like sales were up 1.9%.
Sainsbury's total half-year sales climbed 7.6% or by 4.3% excluding fuel. In the second quarter, sales grew 7.8% and by 4.4% without including fuel sales.
"We have delivered a good sales performance in a tough consumer environment," chief executive Justin King said.
King noted the relaunch of Sainsbury's core own-label range as By Sainsbury's during the quarter. He said the products offer consumers "the same or better quality as the branded equivalent at prices typically at least 20% lower".
The Sainsbury's chief executive said the retailer's other own-label ranges - Taste The Difference and Basics - saw "strong growth" during the quarter.
Shares in Sainsbury's were up 5.13% at 288.8p at 09:37 BST.
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