NEWS

Sainsbury’s announces first quarter results

Published on: 8th June 2016

Total retail sales grew by 0.3%. 

Sainsburys-480In the 12 weeks leading up to 4th June, like-for-like retail sales fell by 0.8% and 1.0%, including fuel. The chain’s clothing sector reported a sales rise of 5%.

The company, which in April agreed a £1.4bn takeover of Home Retail, said general merchandise increased by over 5%, and is currently the biggest vinyl records on the high street, with 8% market share.

Sainsbury’s convenience estate grew by seven stores and achieved a sales growth of 6%.

All big four supermarkets have been engaged in a price war amid competition from Aldi and Lidl. Sainsbury’s chief executive, Mike Coupe, commented: “Market conditions remain challenging. Food price deflation continues to impact our sales, and pressures on pricing mean the market will remain competitive for the foreseeable future.”

On Tuesday, the company’s shares were valued at 246.7p, valuing the business at £4.72bn.

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