Sainsbury: first-quarter like-for-like sales up 2.3%.
(CercleFinance.com) - Sainsbury's, Britain's second largest supermarket group, posted a strong quarterly performance on Tuesday, boosted by grocery sales that rose three percent.
Sainsbury, whose 16.5% market share trails leader Tesco's 28.1%, this morning announced retail sales, excluding fuel, that were up 2.7% in the 16 weeks to 1 July, its fiscal first quarter.
Like-for-like sales, excluding fuel, increased by 2.3% over the period.
While grocery sales were up 3%, helped by groceries online sales that grew by 8%, general merchandise sales were up just 1%.
Clothing sales rose 7.2%, reflecting strong sales growth - both in stores and online.
Looking ahead, Sainsbury said it remained confident that it will deliver 160 million pounds in terms of EBITDA synergies from the acquisition of Argos by March 2019.
On the London Stock Exchange, its shares were up 0.2% at 249.3 pence. The Sainsbury stock has fallen by 0.2% since the beginning of the year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Sainsbury, whose 16.5% market share trails leader Tesco's 28.1%, this morning announced retail sales, excluding fuel, that were up 2.7% in the 16 weeks to 1 July, its fiscal first quarter.
Like-for-like sales, excluding fuel, increased by 2.3% over the period.
While grocery sales were up 3%, helped by groceries online sales that grew by 8%, general merchandise sales were up just 1%.
Clothing sales rose 7.2%, reflecting strong sales growth - both in stores and online.
Looking ahead, Sainsbury said it remained confident that it will deliver 160 million pounds in terms of EBITDA synergies from the acquisition of Argos by March 2019.
On the London Stock Exchange, its shares were up 0.2% at 249.3 pence. The Sainsbury stock has fallen by 0.2% since the beginning of the year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.