United Kingdom grocer Sainsbury's has record Christmas week as online sales grow
Jan 11, 2018, 00:31
This was attributed to booming trading over Christmas week, with December 22 being the biggest sales day for stores and online grocery orders reportedly being delivered to customers every second.
Sainsbury's said it now expected to achieve 80-85 million pounds ($108-115 million) of earnings synergies from Argos by March 2018, ahead of previous guidance of 65 million pounds.
Sainsbury's opened four Mini Habitat furniture stores during the period, bringing the total to 15.
The weaker performance is Argos is in stark contrast to a year ago when the catalogue retailer turbo-charged the group's Christmas sales with revenue growth of 3.7%.
"The Argos business really sets us up for our future, because one of the big stories of this Christmas is how much more growth has been online and as we see here today something like 20 percent of Sainsbury's sales are now online, a big part of that is Argos", he added.
United Kingdom grocer Sainsbury's says it has experienced a record week of trading during the Christmas period with "excellent" operations across the whole group.
But it did say that total sales for groceries were up 2.3%, helped by strong performances from online shopping and convenience stores, while clothing was up 1% and general merchandise fell 1.4%.
The grocery chain said that its 25p vegetable lines proved particularly popular, underlining how consumers are seeking the lowest prices amid soaring Brexit-fuelled inflation.
In Sainsbury's Bank, the active customer base has increased 8%, with records broken for vehicle and home insurance sales.
Boss Mike Coupe said: "We had a strong Christmas week, with record sales, over 340,000 online grocery orders and stellar growth in Argos Fast Track delivery and collection".
Sainsbury's reckons it still outperformed the market though despite the "challenging conditions".
Sainsbury's positive results follow good news from Morrisons on Tuesday, who reported like-for-like sales growth of 2.8% excluding fuel in the 10 weeks to January 7.
"We're pleased with our performance across the group this quarter".
The supermarket giant claimed it grew market share in both turkey and produce during the key week, when more customers bought their main Christmas meal at Sainsbury's.
The supermarket's Taste the Difference range performed particularly well, with customers buying more food from the premium range than past year.
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