Sainsbury: Christmas sales down, but shares rise
(CercleFinance.com) - British supermarket group J Sainsbury said that its sales fell over the Christmas period, while giving a relatively downbeat view of consumer spending.
Sales at Sainsbury's stores that have been open for at least a year dropped 1.1%, excluding fuel, in the third quarter for the 15 weeks to 5 January.
Its total retail sales were down 0.4% in the past quarter.
The retailer said sales fell due to cautious customer spending and its decision to reduce special offers around Black Friday.
"Full-price sales have been prioritised," one analyst said.
In its statement, Sainsbury said retail markets are "highly competitive" and "very promotional", with the outlook for consumer expenditure remaining "uncertain".
Despite these cautious comments, Sainsbury's shares rose 1.4% to 270.3 pence on Wednesday, having gained over 2% over the past year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Sales at Sainsbury's stores that have been open for at least a year dropped 1.1%, excluding fuel, in the third quarter for the 15 weeks to 5 January.
Its total retail sales were down 0.4% in the past quarter.
The retailer said sales fell due to cautious customer spending and its decision to reduce special offers around Black Friday.
"Full-price sales have been prioritised," one analyst said.
In its statement, Sainsbury said retail markets are "highly competitive" and "very promotional", with the outlook for consumer expenditure remaining "uncertain".
Despite these cautious comments, Sainsbury's shares rose 1.4% to 270.3 pence on Wednesday, having gained over 2% over the past year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.