Three days before its deadline to raise its offer for Argos-owner Home Retail, Sainsbury’s has announced it’s first increase in quarterly sales in more than two years.
Sainsbury’s witnessed a 0.1% rise in sales in the nine weeks leading up to 12th March. This included an 11% rise in entertainment goods, helped by the sale of Adele’s latest album. This was a step-up from the 0.4% fall in sales over the Christmas period.
The second largest supermarket’s growth is following its decision to cut-back on multi-buy promotions and lowered prices on everyday items in attempts to keep in competition with discount supermarkets such as Aldi and Lidl.
Sainsbury’s chief executive, Mike Coupe, said: “We have traded well this year and are making excellent progress implementing our strategy. The market will remain competitive but we are confident that we will continue to outperform our major peers.”
Sainsbury’s shares opened today at 279.90.