UK: Sainsbury’s shares fall despite buoyant Christmas

Sainsbury’s has booked a 3.9% increase in quarterly sales, boosted by the supermarket group’s “strongest ever” Christmas trading period.

During the three months to 5 February, like-for-like sales increased by 1.5%. The same-store gain marked the group’s thirty-second set of positive like-for-like figures.

However, the result did show a slowdown in comparable growth, which had risen by 1.7% in the proceeding six months. Excluding fuel, like-for-like sales were up 0.9% in the quarter. Over the past two years, like-for-like growth excluding fuel has totalled 2.9%.

CEO Justin King said the firm delivered “good sales” in a “challenging retail environment”.

Shares in the group were down 9.59% in early trade, slipping to 328 pence.

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