Wall Street

Sainsbury’s quarterly sales drop 4% as UK consumers cut spending

Published by
Reuters UK

By Paul Sandle LONDON (Reuters) -British supermarket Sainsbury’s warned the financial pressures building on consumers would “only intensify” this year after it reported a 4% drop in underlying quarterly sales, driven by falling demand for general goods. With inflation surging and customers slashing spending, Britain’s second biggest supermarket said sales of grocery items fell 2.4% over the 16 weeks to June 25, while general merchandise sales of non-food goods dropped by 11.2%. The results, described as in-line with expectations, followed a warning in June from market-leader Tesco that Britons…

Read More

Share this Story
Load More Related Articles
Load More In Wall Street