Sainsbury's holds guidance as sales rise

(Sharecast News) - UK supermarket chain Sainsbury's reported an 11% rise in grocery sales in the four months to June 24 and maintained annual guidance. The company on Tuesday said total like-for-like sales were up 9.8% in the period, adding it had spent £60m lowering prices amid criticisms that supermarkets were fuelling inflation by widening profit margins during the cost-of-living crisis.

"Customers can see that prices at Sainsbury's have improved and this combination of great value and some good weather in recent weeks means we have grown our food volumes and market share," said chief executive Simon Roberts.

"Food inflation is starting to fall and we are fully committed to passing on savings to our customers."

Sainsbury's said it still expected underlying pre-tax profit of £640 - 700m in 2023-24, compared with £690m a year earlier.

Reporting by Frank Prenesti for Sharecast.com