Sainsbury’s reports further slump in sales
A “challenging market” has seen Sainsbury’s post a second consecutive quarter of falling sales.
The retail giant reported like-for-like sales, excluding fuel and new stores, in the 12 weeks to 7 June were down 1.1% when compared with the same period last year. This follows on from the previous quarter in which Sainsbury’s reported an earlier fall, its first sales decline in nine years.
Justin King, chief executive, described the market as “challenging” and said the retailer was continuing to invest in reducing its prices. “Throughout the quarter we have continued to invest in reducing prices and improving quality, increasing the value of our offer.
“We expect customer spending to remain cautious and we will continue to invest to keep our offer competitive to help customers balance their household budget. We remain confident that our clear strategy and differentiated offer will allow us to continue to outperform our supermarket peers through the remainder of the year.”
King will step down in July, after a decade in the role, which will then by filled by Mike Coupe, Sainsbury’s group commercial director.
Want more stories like this in your inbox?
Sign up for our FREE email newsletter