Trouble in store

10 October 2003

Even under extraordinarily favourable trading conditions, the supermarket group managed to report contracting likeforlike sales. Cost cuts are still coming through. But the chances that Sainsbury s strategy will pan out look ever slimmer.

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J Sainsbury said that total UK sales in the second quarter were up 1.2%. Likeforlike sales including petrol were slightly negative, down 0.2%. In the US, total sales growth was 2.6% while likeforlike sales increased 0.4%,

The supermarket group said that while it wasn't satisfied with its sales performance, its first priority was to complete its business transformation programme. It blamed the disruption caused by the programme and by the launch of its nonfood range for the poor sales.

Sainsbury also said that it is confident of achieving cumulative cost savings of £700m by March 2004.

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