Sales Slow at Sainsbury’s
Friday, March 26, 2010 7:03
It is reported that the third-largest food chain in the UK—Sainsbury’s has just seen the slowest sales growth in nearly five years. The sales of the grocery chain rose by 1.7% in the three months until 20 March, compared with an increase of 3.7% in the third quarter. The supermarket giant has considered that the sale had no fuel increased by 4.3% for the year, but warned that the consumer spending environment would remain a challenge.
Sainsbury’s has reported slowing sales growth to facilitate the inflation of food prices and buyers tighten their budgets. Justin King, Chief Executive of the group, said that in spite of a tough consuner environment, Sainsbury’s remains well placed to make further good progress in the new fiscal year. The food group is expected that underlying profit before tax of £595 million for the year to March report and rose to £655 million a year.
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