Sainsbury’s raises profit guidance

For the year until April, Sainsbury’s has raised its profit guidance.

Thanks to a strong Christmas period, the group  expecting pre-tax profits of at least £720m.

Chief executive Simon Roberts said: “We were bold in our plan for product, value, innovation and service and delivered volume growth ahead of the market. We delivered our best value food this Christmas, launched our lowest ever priced Christmas dinner heading into the key Christmas shopping week and we had our biggest ever New Year.”

“Customers also treated themselves and new Taste the Difference products in party food, desserts, wines and spirits were really popular and we had record sales of champagne and sparkling wines.

“Offering great value will be more important than ever this year and we have just launched our bold new Sainsbury’s Quality Aldi Price Match campaign, which targets 150 fresh products that customers buy most often.”