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Sainsbury's shares bounce back

10.01.08 Graeme Neill

Sainsbury's has shrugged off a drop in share prices among retailers to report a "good" Christmas, with total sales up 5.9%.

This week saw Marks & Spencer report disappointing Christmas trading results, followed by a drop in share prices of a range of retailers, including Sainsbury's.

However, following a statement which reported the supermarket's 12th consecutive quarter of like-for-like sales growth, Sainsbury's shares bounced back by 4.1% to 380p.

The retailer said it had experienced "significant" sales growth in its entertainment area, which includes its book business. Sainsbury's chief executive Justin King said that the business had been built by expanding product range and introducing new fixtures into stores.

"This is a good result for the Christmas quarter, and is particularly pleasing given the level of competition during this period," he said. "We have now completed 12 consecutive quarters of like-for-like sales growth delivering strong three-year growth ahead of our expectations."

Retail Graeme Neill Sainsbury's

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