Sainsbury’s chief executive Justin King said today (26 March) that the UK retailer had exceeded its sales targets after its three-year “recovery” programme.
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Sales for the fourth quarter rose 6.7%, or 5.1% excluding fuel, while like-for-like sales were up 6%, or 4.1% excluding fuel.
The fourth-quarter performance left Sainsbury’s with like-for-like sales growth of 3.9% for the financial year to the end of March.
Sainsbury’s had targeted growth of GBP2.5bn (US$5bn), a goal King said the group achieved three months ahead of schedule. “This is an outstanding success,” King said.
King acknowledged that the current trading environment was “challenging” but insisted that Sainsbury’s was well positioned to meet these challenges.
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By GlobalData“The market remains competitive but, as we enter our fourth year of growth, the improvements we have made to date position us well to meet the demands of what continues to be a challenging environment,” he said.
Sainsbury’s, meanwhile, has signed a GBP1.2bn property venture with British Land. The retailer said it would invest GBP273 into the venture, which would run 39 Sainsbury’s stores.
King added: “This venture is an excellent opportunity for Sainsbury’s to increase our interest in the future extension and development of many of our most important stores.”
Sainsbury’s is set to publish its full-year figures for the 12 months to 22 March on 14 May.
