J Sainsbury set out plans for an aggressive expansion in its domestic market, putting further pressure on rival Tesco, after raising about £445m in a stock and bond issue.

Announcing first-quarter like-for-like sales growth of 7.8% – ahead of Tesco’s 4.3% – Justin King, chief executive, said the money would be used to open 50 new supermarkets, and extend another 50 over the next two years, helping to create about 10,000 jobs.

King said the assault meant 'Sainsbury would add space over the next two years greater than the whole of the past five'.

Financial Times