Sainsbury's has published its First Quarter Trading Statement for the 16 weeks to 25 June 2022, showing trading is in line with expectations.
• Grocery sales fell by 2.4% against last year’s elevated COVID-19 driven levels and 8.7% ahead of pre-pandemic sales
• Committed to keeping prices low, the groupwill invest over £500m into lowering prices by March 2023. Sainsbury’s Quality, Aldi Price Match now includes over 240 products including the top 20 products customers buy most often
• Customers treating themselves with Sainsbury’s food – outperforming the market at key events including Easter, Mother’s Day and Jubilee
• General merchandise heavily skewed by the first five weeks of the period being up against the closure of non-essential retail which boosted Argos sales last year; stronger trend in second 11 weeks and continued market share gains in Argos
CEO Simon Roberts said, “We really understand how hard it is for millions of households right now and that’s why we are investing £500 million and doing everything we can to keep our prices low, especially on the products customers buy most often.
'We’re working hard to reduce costs right across the business so that we can keep investing in these areas that customers care most about. The progress we are making on improving value, quality, innovation and service is reflected in our improved grocery volume market share.
“Our customers are watching every penny and every pound but they also look to Sainsbury’s when they want to treat themselves, particularly at special occasions. We are really connected to our customers and through strong delivery of our plan, we have outperformed the market at key events such as the Jubilee.
“I would like to thank my colleagues for their brilliant efforts this quarter. We are proud to be the first major supermarket to pay the Living Wage to all colleagues, regardless of where they live - and to have increased Sainsbury’s colleague pay by 25% and Argos by 39% over the past five years.
'The pressure on household budgets will only intensify over the remainder of the year and I am very clear that doing the right thing for our customers and colleagues will remain at the very top of our agenda.”