Sales growth slows at Sainsburys
Like-for-like sales for the full year were up 4.7% (2.3% excluding fuel).The sales numbers fell short of most analysts' expectations.
The company reported gross space growth of 8.5% in the year, 15.9% in the two years to March 2011.
Sainbury recorded 21 million weekly customer transactions, up 1 million year on year.
Justin King, CEO, said, 'In a tough consumer environment our focus on delivering universal customer appeal and our multi-channel and space growth strategy has attracted a record 21 million customers to our stores each week, up 1 million on last year. As a result we have delivered total sales growth excluding fuel of 3.5% and like-for-like sales growth of 1%, outperforming the market in the period.
'Total sales growth including fuel was 6.8%, reflecting volume growth in fuel as customers respond to our competitive prices. This is despite fuel price inflation of 16% year on year, which is having a significant impact on most household budgets."
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