Sainsbury’s boosted as sales turn positive in summer

Shares in FTSE 100 supermarket chain J Sainsbury (LON:SBRY) have risen by 2.54% to 218.40p (as of 13:50 BST) after it posted an update for the 12 weeks to 21st September. Total non-fuel sales were up by 0.1% for the period, but dropped slightly on a like-for-like basis.

CEO Mike Coupe commented: “Sales momentum was stronger in all areas and we further improved our performance relative to our competitors, particularly in Grocery. We have focused on reducing prices on every day food and grocery products and expanding our range of value brands, which have been very popular with customers. At the same time, we are investing significantly in our supermarkets, driving consistent improvements to service and availability.

“Argos continued to grow market share in key categories, but sales were impacted by reduced promotional activity and the timing of new product releases in gaming and toys. Clothing sales were boosted by clearance activity and strong online growth and Tu continued to grow market share. Financial Services sales were in line with expectations”.