Supermarket group J Sainsbury reported a 4.8% growth in like-for-like supermarket in the 12 weeks ended March 31 and said that second-half profits would be higher than the same period a year earlier. The group said it has grown its UK market share in the fourth quarter.
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The company announced that it was to dispose of its interests in the DIY sector with the sale of 22 Homebase DIY stores to British Land for £156m (US$224.2m). The company is also pulling out of Egypt selling its supermarket interests to its minority partner there.
Sainsbury said it was selling its 80.1 percent stake in the Egypt business, Edge, to its minority partner, the El Nasharty group, for an undisclosed sum. Sainsbury expects the Egypt deal to lead to an exceptional loss of £100m to £125m for the year ending March 31.
“It’s a very encouraging performance and I think better than what the market was expecting,” Sainsbury Chief Executive Peter Davis.
Shaw’s, the group’s U.S. supermarkets business, reported a 2.5% growth in like-for-like sales in the fourth quarter.
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