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Sainsbury's beats forecasts with first-quarter sales rise
July 4, 2017 / 6:13 AM / 5 months ago

Sainsbury's beats forecasts with first-quarter sales rise

LONDON, July 4 (Reuters) - Sainsbury‘s, Britain’s second biggest supermarket group, saw its sales growth accelerate in its latest quarter, helped by inflation and a spate of warm weather.

The firm, which last year bought Argos-owner Home Retail, said on Tuesday group retail like-for-like sales rose 2.3 percent, excluding fuel, in the 16 weeks to July 1, its fiscal first quarter.

That compares with analysts’ average forecast of a rise of 2 percent and growth of 0.3 percent in the previous quarter.

This was the first quarter following the Home Retail purchase for which the group did not issue separate like-for-like sales data for Sainsbury’s and Argos.

“The market is competitive and we continue to manage cost price pressures closely,” said Chief Executive Mike Coupe.

“Our strategy is delivering and we are well placed to navigate the external environment.” (Reporting by James Davey, editing by Paul Sandle)

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