Sainsbury enjoys its best ever Christmas as sales hold up
Sainsbury (LON:SBRY) said this morning that shoppers embraced its Live Well for Less value lines as it recorded its best ever Christmas performance against a weak economic backdrop.
Underlying sales rose 4.8 per cent in the 14 weeks to January 7, or 2.1 per cent excluding fuel.
Festive transactions, meanwhile, were up 1.5 million to 26 million as Sainsbury even managed to grab market share from its rivals.
Its performance was in stark contrast to that of Morrisons (LON:MRW), which posted a 0.7 per cent rise in underlying revenues. However this was over a shorter six week period.
Sainbury's and Marks & Spencers' strong food sales reveal a split in the retail sector, with grocers displaying their resilience, while the mainstream clothing, furniture and electrical chains struggle.
Sainsbury chief executive Justin King said: "This was a strong quarter, rounded off by our best Christmas ever, despite the economic backdrop.
"Across the quarter customers chose Sainsbury's to help them Live Well for Less, taking advantage of our great value offer during October and November and then treating themselves and their families over the holiday season."
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