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Sainsbury 3Q11 updates slightly better than expected

Sainsbury reported results this morning that were slightly better than expected. Like-for-like sales growth for the 14-week period to 7 January was +2.1%, compared to a consensus average of +1.8% and 1.9% in the previous quarter. Total sales growth ex fuel was +4.5%, with new space contributing 2.4%.

The winners of this Christmas appear to be upmarket food retailers M&S, Waitrose and Sainsbury, while Morrison and Tesco are the losers. We expect Sainsbury shares to trade positively, but not significantly so, as the shares have already outperformed recently.