Sainsbury's bumper sales set challenge for rivals

SAINSBURY’S sold a record number of pigs in blankets, mince pies and bottles of sparkling wine over Christmas in a strong festive period reported today that lays down a challenge to rivals.

Sales rose 9.3% in the third quarter and by 8.6% over the Christmas period. That dip was down to falling inflation not lower volumes of sales, the supermarket giant insists.

It predicts that inflation will continue this year, but at “much lower levels” than last.

That assumes no further spike in energy costs which began to rise sharply with Russia’s invasion of Ukraine.

The grocer is holding profit guidance for the full year to March at between £670 million and £700 million, at which point the three-year plan from CEO Simon Roberts will be at an end and a new strategy will be announced next month.

Since Sainsbury’s claims to be taking market share from all the other large grocers, investors are likely to want to keep Roberts, despite some rumblings about his pay of towards £5 million last year.