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British supermarket Sainsbury's beats Christmas trading forecasts
January 11, 2017 / 7:11 AM / a year ago

British supermarket Sainsbury's beats Christmas trading forecasts

LONDON, Jan 11 (Reuters) - Sainsbury‘s, Britain’s second biggest supermarket, on Wednesday beat forecasts for underlying sales in its Christmas quarter and said it was well placed for 2017.

The firm, which last year purchased Argos-owner Home Retail, said sales at stores open over a year rose 0.1 percent, excluding fuel, in the 15 weeks to Jan. 7, its fiscal third quarter.

That compared to analysts’ average forecast of a fall of 0.8 percent and a second quarter decline of 1.1 percent.

Argos’ like-for-like sales rose 4.0 percent.

“The market remains very competitive and the impact of the devaluation of sterling remains uncertain,” said Chief Executive Mike Coupe.

“However, we are well placed to navigate the external environment and remain focused on delivering our strategy.” (Reporting by James Davey; editing by Kate Holton)

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