Published On: Fri, Nov 13th, 2015

Sainsbury’s bullish despite slide in sales and profits

Supermarket giant Sainsbury's saw like-for-like sales slide 1.6% while underlying profits fell 18% to £308 million in the first half of the financial year.

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But profits were well above market expectations despite the challenging outlook facing all the major supermarkets.

Earlier research from Kantar Worldpanel found Sainsbury’s was the only major supermarket chain to see sales rise in the 12 weeks to October 11, increasing its market share by 1.1 percent to 16.1 percent in the process.

Sainsbury’s chief executive Mike Coupe said the supermarket’s cost savings programme is ahead of plan and he now expects savings of around £225 million by the end of this financial year.

“The grocery retail marketplace remains challenging but Sainsbury’s is a great business, run by an experienced management team, supported by talented colleagues and strong values, ” he said.

“We are making good progress against the strategy we outlined last November.

“We are delivering volume and transaction growth as customers value our quality improvements and our clearer, simpler message of lower regular prices. ”

Mr Coupe added: “To complement our core food offer, we are delivering on our strategy to expand our non-food businesses with further growth in clothing, general merchandise and Sainsbury’s Bank.

Read the full story at Belfast Telegraph

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