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Sainsbury's has strong Q3 and Christmas performance
StockMarketWire.com
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Sainsbury's said total retail sales were up 6.8% in its third quarter trading statement for the 15 weeks to 2 January 2021, while Christmas like-for-like sales rose 9.3%. Grocery sales grew 7.4% during the quarter, with online sales up 128%. General merchandise sales grew by 6.0%, with Argos sales up 8.4%. The company noted that the impact of the pandemic on sales had added additional uncertainty to its financial outlook for the remainder of the year. The company said that after forgoing business rates relief of £410 million it now expects to report underlying profit before tax of at least £330 million in the financial year to March 2021, down from £586 million in March 2020. Simon Roberts, chief executive of J Sainsbury, said: 'As we enter our third phase of tighter restrictions and national lockdowns, my number one priority remains keeping our colleagues and customers safe. The last few months have been really tough for many people and we are all dealing with a lot of change and uncertainty again. 'At Christmas we focused on offering our customers great prices, great quality and great service and I feel really proud that Sainsbury's customer satisfaction scores were the highest ever in the key Christmas week. We have started the New Year with a strong value offer, with Price Lock currently on over 2,500 everyday products.' Story provided by StockMarketWire.com
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