Supermarket lifts full year profit guidance
The UK’s second largest supermarket Sainsbury’s has upgraded its profit outlook after reporting “record” sales during the Christmas period.
Sainsbury’s said it now expected annual profits to be up to £20m better than expected despite the group facing a “challenging” market.
The supermarket chain, which also owns Argos, sold 1.1 per cent more in the 15 weeks to 6 January, with grocery sales up 2.3 per cent.
Boss Mike Coupe told media the group was pleased with the performance and how online sales and premium food ranges helped boost growth: “Customers bought more Taste the Difference food than last year as people treated themselves and our popular 25p veg lines helped our customers live well for less.”
He added: “Argos stores in Sainsbury’s supermarkets performed particularly well and Argos saw record sales across the Black Friday period.”