Sainsbury's has unveiled ambitious plans to expand its convenience store estate by 30% in the next three years.

Sainsbury's chief executive Justin King revealed his plan to open a further 100 Sainsbury's Local stores across the country by 2010 as he disclosed a better than expected set of full-year trading results last week.
The move will take Sainsbury's convenience store portfolio from 326 to 426 stores.

King's announcement comes just three weeks after Sainsbury's said it would scrap the Jacksons and Bells fascias, and re-brand all stores as Sainsbury's Local in a bid to further cut costs and drive sales.

King said Sainsbury's convenience business would play a significant role in "making Sainsbury's great again". 

He continued: "Our current store estate provides substantial development opportunities, and we are seeking and developing a pipeline of new stores."

The three new regional managing directors for Sainsbury's newly restructured convenience business are expected to be named shortly. 

King also revealed a new set of three-year targets, including the aim of growing sales by an extra £3.5bn. Thirty new supermarkets are set to be built, while 50% of Sainsbury's current store estate, including Locals, will be refurbished.

Sainsbury's full-year underlying profit rose 42.3% to £380m on sales up 6.9% to £18.5bn. Like-for-like sales, excluding fuel, rose 5.9%.