Sainsbury’s has upgraded its profit expectations by £60m after surging sales of champagne, steaks and other luxury food drove stronger than expected sales over Christmas and new year. The UK’s second largest supermarket reported that like-for-like sales jumped by a stronger-than-expected 9.3% year-on-year during its Christmas period, from 1 November through to 2 January. The relief had been given on the expectation that supermarkets and other retailers would struggle, but essential shops that remained open instead reported sales increase. Sainsbury’s said premium champagne sales rose by 52%, while party food under its “Taste the Difference” premium food brand increased by 11%. Even clothing sales rose – by 0.4% – despite widespread difficulties in the market as events were cancelled and many worked from home.

Source: The Guardian January 07, 2021 08:35 UTC