Sainsbury's boss hits out at 'gloomy' politicians

The grocer's convenience stores grew like-for-like sales ahead of its bigger supermarkets, which Mr King attributed to consumers "buying a little bit less in the weekly shop and topping up more frequently".

Mr King made his comments before David Cameron's speech to the Conservative Party conference yesterday, during which the Prime Minister decided against an initial plan to call for consumers to pay off their credit and store card debts.

Mr King said: "The other central theme of his [PM's] speech is that we need to stop doing ourselves down and talk positively about the things we are doing in the country."

The Sainsbury's boss said that a reduction in credit card spending "certainly will not help the retail part of the economy".

Sainsbury's posted a 1.1 per cent rise in like-for-like sales, excluding fuel and VAT, over the 16 weeks to 1 October, boosted by a robust performance from its non-food and convenience store division.

The UK's third largest convenience store operator grew like-for-like sales ahead of its bigger supermarket, which Mr King attributed to consumers "buying a little bit less in the weekly shop and topping up more frequently". Opening at a rate of one or two a week, Sainsbury's introduced 24 convenience stores – up to 3,000 square feet – in the quarter, taking it past 400. This helped its convenience division grow total sales by 20 per cent.

Sainsbury's also said its general merchandise and Tu clothing business continued to grow "strongly" in the quarter. For example, its back-to-school childrenswear rangedelivered 38 per cent growth over the same period last year.

Total sales at Sainsbury's rose by 7.8 per cent over the 16 weeks but it grew by a more modest 4.4 per cent when the impact of fuel is excluded.

Mr King took a swipe at Tesco's £500m price promotion that was launched last month. "It is part of the cut and thrust in the current marketplace. We can look at the last six months – it is clearly a period we have outperformed them."

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...

Reach Volunteering: Trustees with Finance, Fundraising and IT skills

Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...

Day In a Page

Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

‘Can we really just turn away?’

Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

Nine of Syria and Iraq's 10 world heritage sites are in danger...

... and not just because of Isis vandalism
Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

Girl on a Plane

An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
Why Frederick Forsyth's spying days could spell disaster for today's journalists

Why Frederick Forsyth's spying days could spell disaster for today's journalists

The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent
Markus Persson: If being that rich is so bad, why not just give it all away?

That's a bit rich

The billionaire inventor of computer game Minecraft says he is bored, lonely and isolated by his vast wealth. If it’s that bad, says Simon Kelner, why not just give it all away?
Euro 2016: Chris Coleman on course to end half a century of hurt for Wales

Coleman on course to end half a century of hurt for Wales

Wales last qualified for major tournament in 1958 but after several near misses the current crop can book place at Euro 2016 and end all the indifference
Rugby World Cup 2015: The tournament's forgotten XV

Forgotten XV of the rugby World Cup

Now the squads are out, Chris Hewett picks a side of stars who missed the cut
A groundbreaking study of 'Britain's Atlantis' long buried at the bottom of the North Sea could revolutionise how we see our prehistoric past

Britain's Atlantis

Scientific study beneath North Sea could revolutionise how we see the past
The Queen has 'done and said nothing that anybody will remember,' says Starkey

The Queen has 'done and said nothing that anybody will remember'

David Starkey's assessment
Oliver Sacks said his life has been 'an enormous privilege and adventure'

'An enormous privilege and adventure'

Oliver Sacks writing about his life
'Gibraltar is British, and it is going to stay British forever'

'Gibraltar is British, and it is going to stay British forever'

The Rock's Chief Minister hits back at Spanish government's 'lies'
Britain is still addicted to 'dirty coal'

Britain still addicted to 'dirty' coal

Biggest energy suppliers are more dependent on fossil fuel than a decade ago
Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition

Orthorexia nervosa

How becoming obsessed with healthy eating can lead to malnutrition
Lady Chatterley is not obscene, says TV director

Lady Chatterley’s Lover

Director Jed Mercurio on why DH Lawrence's novel 'is not an obscene story'
Farmers in tropical forests are training ants to kill off bigger pests

Set a pest to catch a pest

Farmers in tropical forests are training ants to kill off bigger pests