Sainsbury’s: Good First Quarter With Grocery Volume Growth and Market Share Gains
J Sainsbury's first-quarter trading update showed like-for-like sales growth of 3%, excluding fuel sales (2.6% including fuel sales). Grocery sales growth was solid at 4.8% year over year, with strong volume growth and market share gains. General merchandise and clothing sales were down 4.3%, with Argos sales down 6.2% in the quarter. The grocer commenced the previously announced GBP 200 million share buyback program—to be completed in fiscal 2024/25—and expects to return at least GBP 250 million to shareholders once the sale of Sainsbury's Bank's core banking business to NatWest is completed and the future model for Argos Financial Services is in place.