Shares in supermarket chain Sainsbury’s (LON:SBRY) shot up by 13 percent this morning, as the grocer announced that it would be raising its full-year profit forecast.
Total retail sales for second quarter were up 0.3 per cent excluding fuel and its full year underlying profit before tax now expected to be moderately ahead of published consensus.
The chain have opened 27 new convenience stores this quarter, with their clothing section growing by nearly 13 per cent.
Mike Coupe, Chief Executive, said:
“Our programme to enhance the quality of over 3,000 own-brand products is on track. Taste the Difference volume grew by over four per cent in the quarter and was voted the best supermarket range by Good Housekeeping for the third year running.
Whilst the market is clearly still challenging, with food deflation impacting many categories, we are making good progress on delivering our strategy.”
Sainsburys is currently trading up 13.74 percent at 260.80 pence per share (1006GMT)
