Sainsbury’s today (15 June) reported “solid” sales growth over the first quarter in what it described as a “tough consumer environment”.
The UK retailer booked a 7.3% increase in total sales for the quarter ended 11 June, with the company attributing the increase to strong fuel price inflation and fuel volume growth. Excluding fuel, total sales were up 4.3%. Like-for-like sales were up 1.9%, excluding fuel but including VAT.
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Sainsbury’s said it saw volumes and sales growth on its three private label ranges over the quarter, with its value brand, Basics, recording the fastest growth. Sainsbury’s said that the Basics brand is now number two in the value market with a 22.3% market share.
Over the quarter, its convenience business grew at 20%, while its online groceries business grew by over 20%.
“We’ve delivered a solid sales performance, in line with our expectations,
in spite of the continued tough consumer environment,” said chief executive Justin King.
Compared to Tesco, which released its first quarter results yesterday, Sainsbury’s posted a stronger rate of like-for-like growth, up 1.9%, excluding petrol and VAT against Tesco’s 1% like-for-like growth on the same basis.
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