SAINSBURY Q4 ahead of expectations

In its fourth quarter trading statement for the 12 weeks to 24 March 2007, Sainsbury has this morning reported increases of total sales of 6.6% (7.8% excluding fuel). Like-for-like sales for the quarter increased by 4.9% (5.9% excluding fuel). The company estimated grocery inflation in the quarter to be at 2.3%. However, Sainsbury reduced prices on over 1,000 products in the period to strengthen its price position. Justin King, chief executive, said: "We have now completed the second year of our Making Sainsbury’s Great Again recovery plan and have delivered strong sales growth in our fourth quarter, the ninth consecutive quarter of growth."