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Mr Hammond says he is ‘building the foundations of a stronger, fairer, more global Britain’
Sainsbury’s said demand for deals on British strawberries and summer fare provided a boost to grocery sales, which jumped 3 per cent higher, while it also saw 1.9 per cent growth in the number of transactions at its tills.
Mike Coupe, the chief executive of Sainsbury’s, cheered a “strong” first quarter.
He said the group had worked with suppliers in an effort to keep a lid on inflation, which has been sent soaring as the Brexit-hit pound has impacted the price of imported goods.
He added: “The market is competitive and we continue to manage cost price pressures closely.”
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Clothing sales increased by 7.2 per cent in the 16 weeks to July 1
It hailed another robust performance for online sales, up 8 per cent for groceries and 10 per cent for Argos.
Fast track delivery and click and collect continued to prove popular with Argos customers, particularly in the heatwave, when it saw same-day demand for paddling pools and fans soar.
The group said despite slowing overall general merchandise sales growth, it outperformed the wider market.
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Mike Coupe, the chief executive of Sainsbury’s, cheered a “strong” first quarter
The group opened 36 Argos Digital stores within its supermarkets in its first quarter, bringing the total to 75.
Melanie Sykes PRANKS Sainsbury’s shoppers for Comic Relief
The group revealed bottom line profits dropped 8.2 per cent to £503 million for the year to March 11, while underlying profits fell 1 per cent to £581 million.
It has been offsetting this thanks to the addition of the Argos business, snapped up last year when it took over Home Retail Group for £1.4 billion.
It is understood the group is now looking to buy Nisa, the network of more than 2,500 independently-owned convenience stores, in a deal worth close to £130 million, as part of a response to Tesco’s £3.7 billion merger with wholesaler Booker.
[“Source-express”]
