Sainsbury’s (SBRY) supermarket boss Simon Roberts must have been thanking his lucky stars for the Platinum Jubilee bank holiday weekend, which saw Brits splashing out on scones and clotted cream, washed down with record sales of beer, wine and spirits at street parties up and down the country.

For the 16 weeks to 25 June, the UK’s second-largest grocer by market share posted a 4.5% drop in total sales excluding fuel but only a 2.4% drop in grocery sales.

Sainsbury’s upmarket Taste the Difference brand saw sales jump 12% over the Jubilee weekend as shoppers went mad for tea, cakes and strawberries, while booze sales during the week were the highest ever outside of Christmas and Easter.

Non-food sales fared less well, with instore sales down 14.6% and Argos’ sales down 10.5%, although the first five weeks of the quarter were lapping an extremely strong period last year.

Sainsbury’s repeated its promise to invest £500 million in lower grocery prices over the two years to next March.

Online sales were another bright spot, with revenues over 90% above pre-pandemic levels and the group holding onto customers it gained during lockdown.

Critically, the firm reiterated the profit guidance it gave in April of underlying profits before tax of between £630 million and £690 million, which saw the shares rise 2% to 213p.

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