Sainsbury's like-for-like sales down in King's last quarter
Sainsbury's like-for-like sales including fuel fell 2.4% in the first quarter of 2014, according to the company's trading statement. Total retail sales were up 1%. The report comes as Sainsbury's chief Justin King steps down after 10 years.
Outgoing Sainsbury's chief executive Justin King says customers are "spending cautiously" as the supermarket chain posted a fall in sales in his final quarter before departing.
Throughout the quarter we have continued to invest in reducing prices and improving quality, increasing the value of our offer. Lower food price inflation and reduced fuel prices are a welcome respite to customers’ finances but they continue to spend cautiously, leading to industry growth in the quarter being the slowest in a decade [...]
We remain confident that our clear strategy and differentiated offer will allow us to continue to outperform our supermarket peers through the remainder of the year.