Sainsbury’s raises profit outlook as sales jump 7.1%

Sainsbury’s has revealed that its total sales jumped 7.1% in the six weeks to January 6, boosting its Q3 like-for-like sales performance 5.9%.

General merchandise sales jumped to 7.4%, with Argos sales 7.1% up and clothing sales growing 5.1%.

As a result, the grocer also revealed that profits are expected to be at the upper end of the guidance range of £630m to £690m.

Simon Roberts, chief executive of J Sainsbury plc, said: “We delivered the best possible Christmas for customers as millions of households managed their budgets differently, hosting larger gatherings again and treating themselves at home. Customers shopped early, buying Christmas treats and fizz more than once and looked for deals, taking advantage of Black Friday and other seasonal offers.

“Argos offered great value and quality and, as train and postal strikes disrupted the country, customers appreciated its reliability and convenience. We prioritised keeping our prices low and giving our customers great value at Christmas. We went bold on the traditional fresh
turkey roast dinner with all the trimmings and dessert, which was the best value in the market at under £4 per head.”