UK's Sainsbury's reports first quarterly sales growth in 2 years
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director
GSK profit drops 23% in Q1 on higher costs
Starbucks points to weaker consumer as profit falls
Restaurant Brands tops estimates as Burger King overhaul pays off
Walmart to shut all health centers in US over lack of profitability
Coca-Cola raises annual sales forecast on global demand, higher prices