Business
Sainsbury’s plans expansion after Q1 sales growthSimeon Goldstein, 17 June 2009Be the first to comment on this article Sainsbury’s is looking to raise 445m to help fund its expansion plans after reporting a 7% increase in quarterly profits. The supermarket said today (17 June) it planned to increase floor space by 15%, some 230,000sqm, by March 2011. Issuing new shares and convertible bonds will raise the £455m, and the retailer has already agreed to buy nine shops from the Co-operative. Sainsbury’s said, in a separate statement, it had recorded a 7% increase in like-for-like sales excluding fuel in the 12 weeks to 13 June and served more than 18.5m customers each week. Chief executive Justin King said the firm had made a strong start to the financial year. “While we expect the economic environment to remain challenging during 2009, we are well positioned to continue our progress.” Sainsbury’s announcement comes a day after Tesco revealed a 4.3% increase in UK sales for the first quarter. Sainsbury’s said it had lowered 7,000 prices since the start of 2009 and customers continued to be concerned over ethical and environmental issues when shopping, despite being more cautious shoppers. Online sales continue to be an perform well and rose 20% in the quarter. Speak Your Mind |
Popular Articles
|
Loading ...
