Christmas Surge of Sainsbury’s
Thursday, January 8, 2009 4:24
The UK supermarket chain—J Sainsbury, bucked the gloomy trend in the retail sector today via reporting a 4.5% rise in sales over the Christmas period. It defies the gloom in the retail sector.
The rise in like-for-like sales strips out gains from new stores opened during the 13 weeks to January 3. It beats analysts’ forecasts of a 3.9% increase and is in stark contrast to Marks & Spencer. It is said that strong product availability and good promotional offers across both Sainsbury’s cheaper and more expensive lines helped win over customers. On December 23, Sainsbury’s experienced its busiest ever trading day and also had its highest ever trading performances for both Christmas Eve and New Year’s Eve. Shares of the company’s rose to 330p in early trading.
In contrast to other retailers and much of the wider economy, Sainsbury’s will actually create several thousands jobs in 2009 by opening new stores and keeping on about 10% of its 20000 Christmas temps.
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