You are here

UK's Sainsbury's reports first quarterly sales growth in 2 years

Tuesday, March 15, 2016 - 15:35

[LONDON] Sainsbury's, Britain's second biggest supermarket, on Tuesday beat expectations with its first quarterly underlying sales growth in over two years, potentially helping its takeover approach for Argos-owner Home Retail.

The firm, which is embroiled in a two-way bid battle for Argos, said sales at stores open over a year rose 0.1 per cent, excluding fuel, in the nine weeks to March 12, its fiscal fourth quarter.

That compared to analysts' forecasts in a range of flat to down 0.6 per cent and a third quarter decline of 0.4 per cent.

Sainsbury's said it expected the market to remain competitive but was confident it would continue to outperform its major peers.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom