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12/01/2004
Sainsbury's claim Q3 'encouraging' but sales growth weak
Sainsbury's has posted "encouraging" third quarter sales today, but pointed to "the scale of change affecting stores" and the adoption of an automated distribution system for having a negative impact on results early on.
Sainsbury’s Supermarkets saw third quarter like-for-like sales rise by only 0.1%, but highlighted its ongoing 'Business Transformation Programme' which the company believes can achieve cost savings of £710 million by March 2004. That programme is not due for completion until the summer.
Group Chief Executive Peter Davis said: “As we said at our Interims, the sheer volume of change is affecting our stores’ performance. However, like-for-like sales of 2.0 percent over the Christmas and New Year period (four weeks ending 3 January 2004), when stores were free of disruption, were an encouraging improvement in sales performance and a sound base on which to build during our next financial year."
Customer satisfaction levels were reported to be high and Sainsbury's sales, for the first time, exceeded £4.4 million in the seven days prior to Christmas. In the same period, 43 stores took over £2 million, up from 34 stores last year.
Mr Davis added that the Board was "confident that this is the right strategy for the long term growth of the business".
(SP)
Sainsbury’s Supermarkets saw third quarter like-for-like sales rise by only 0.1%, but highlighted its ongoing 'Business Transformation Programme' which the company believes can achieve cost savings of £710 million by March 2004. That programme is not due for completion until the summer.
Group Chief Executive Peter Davis said: “As we said at our Interims, the sheer volume of change is affecting our stores’ performance. However, like-for-like sales of 2.0 percent over the Christmas and New Year period (four weeks ending 3 January 2004), when stores were free of disruption, were an encouraging improvement in sales performance and a sound base on which to build during our next financial year."
Customer satisfaction levels were reported to be high and Sainsbury's sales, for the first time, exceeded £4.4 million in the seven days prior to Christmas. In the same period, 43 stores took over £2 million, up from 34 stores last year.
Mr Davis added that the Board was "confident that this is the right strategy for the long term growth of the business".
(SP)
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