Sainsbury’s has seen a small increase in profit of one per cent during its fourth financial quarter.
Profits rose 2.3 per cent year-on-year (or 4.7 per cent including fuel). Total product sales increased 3.5 per cent (or 6.8 per cent including fuel).
Sales of non-food goods grew at more than three times the rate of food. The retailer also opened 193,000 sq ft of new space, consisting of three new supermarkets, one extension and 21 convenience stores. This caused gross space to grow 8.5 per cent year-on-year.
Sainsbury’s stocks a range of games and consoles, including the 3DS, which it has priced at 199.99 both online and in store.
We expect the consumer environment to remain tough, with our customers facing fuel price inflation, uncertain employment prospects and government spending cuts,” said Sainsbury’s chief executive Justin King.
We have demonstrated our ability to perform well in these conditions and are confident that our growth plans and universal customer appeal, supported by Nectar and coupon at till, mean we are well-positioned for further growth in 2011 and 2012.”