Sainsbury's announces expansion plans following strong 1Q sales growth
LONDON - Sainsbury's has reported sales growth of 7.8% in the last quarter on the back of strong demand for its clothing range
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The retailer has also announced that it plans to raise £445m from investors in order to increase store space by 15& in the two years to March 2011 - it had previously targeted a more modest growth rate of 10%. The expansion will add 2.5m square feet in retail space to its current 16m square feet.
Approximately 60% of the new space will come from new store openings with the rest from extensions. Forty per cent will be spent on allotting space for non-food items.
Rival Tesco announced yesterday (Tuesday) that its sales had grown by 12.6%, excluding fuel. However when its personal finance and international operations were excluded its sales growth was 4.3&.
Sainsbury's said its TU clothing range had its best quarter to date with more than 1m transactions.
Comments
sue turner - 17/06/2009
Sainsbury's is by far the most expensive of the major supermarkets. Daylight fecking robbery. I can't imagine why anyone shops there.
corine pouvreau miles - 17/06/2009
The TU range is brilliant and the merchandising team should be congratulated - great value, on trend - I picked up various bits from £ 8 flat pumps to £ 12 tops - and the quality/finish compares really favourably vs other retailers.