We have Sainsbury’s adding to the positive updates from the UK grocery sector this morning. The company upgrading its full year profit expectations on stronger sales and margins.
- Total Retail Sales up 9.3% over the shorter Christmas period,
- Online grocery sales up 128%,
- Orders per van increasing 56% and picking rates up 14%, should improve the profitability of the online service,
- 90% of Argos Sales were online in the peak quarter. Argos click and collect, increasingly collected within a Sainsbury’s store, up 235%.
The company’s illustration of their online growth relative to Ocado demonstrates the capacity of the operators with physical store networks to leverage these, to meet increased demand. Owning these omnichannel stores is the core investment strategy of Supermarket Income REIT.
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