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Stock levels lift Sainsbury sales Stock levels lift Sainsbury sales
(10 minutes later)
Sainsbury's has said ongoing efforts to improve stock levels and availability have helped boost first-quarter sales.Sainsbury's has said ongoing efforts to improve stock levels and availability have helped boost first-quarter sales.
They were also lifted by the popularity of its organic range, and like-for-like sales excluding petrol rose 5.1% in the three months to 16 June 2007.They were also lifted by the popularity of its organic range, and like-for-like sales excluding petrol rose 5.1% in the three months to 16 June 2007.
Sainsbury's trading update comes after press speculation that the royal family of Qatar is contemplating a full takeover offer for the supermarket. Sainsbury's trading update comes amid speculation that the Qatari royal family is contemplating a takeover.
Last week the family upped its stake in Sainsbury's from 17.6% to 25%. Last week the family upped its stake in Sainsbury's from 17.6% to 25%, becoming the retailer's largest shareholder.
Sainsbury's chief executive Justin King said the latest figures marked the supermarket's tenth quarter of continuous sales growth. 'Particularly pleasing'
"This is particularly pleasing as the quarter included some very tough comparatives in the final few weeks driven by the football World Cup and the very warm weather last June," he said. Sainsbury's chief executive Justin King said the latest figures marked the supermarket's tenth quarter of continuous sales growth, although they were slightly below market expectations.
"This is particularly pleasing as the quarter included some very tough comparatives in the final few weeks driven by the football World Cup and the very warm weather last June," said Mr King.
Sainsbury's latest trading statement comes a day after rival Tesco said it was facing a "tougher year".
The UK's largest retailer, Tesco said its UK like-for-like sales excluding petrol rose 4.7% in the 13 weeks to 26 May.
This was Tesco's slowest sales rise in a year.
Takeover targetTakeover target
In April Sainsbury's saw off a £10.1bn takeover offer from a private equity consortium.In April Sainsbury's saw off a £10.1bn takeover offer from a private equity consortium.
The group, led by CVC Partners, dropped its 600 pence-a-share proposal after the founding Sainsbury family, which owns 18% of the firm, had opposed its plans.The group, led by CVC Partners, dropped its 600 pence-a-share proposal after the founding Sainsbury family, which owns 18% of the firm, had opposed its plans.
Sainsbury's has become a popular takeover target after it has successfully turned around its fortunes under chief executive Justin King.Sainsbury's has become a popular takeover target after it has successfully turned around its fortunes under chief executive Justin King.
Mr King launched a restructuring programme when he took over in 2004, which is due to come to an end in October this year.Mr King launched a restructuring programme when he took over in 2004, which is due to come to an end in October this year.