Sainsbury’s profits boosted by Christmas trading

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The UK’s second largest supermarket, Sainsbury’s, has raised its profit guidance after “record” sales during Christmas week.

Sainsbury’s said it now expected annual profits to be up to £20m better than expected despite supermarkets facing a “challenging” market.

The chain sold 1.1% more in the 15 weeks to 6 January, with grocery sales up 2.3%.

Boss Mike Coupe said online sales and premium food ranges helped growth.

The company expects to achieve £80m-£85m of their measure of profit by March 2018, ahead of its previous guidance of £65m.

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