UK supermarket chain Sainsbury’s said first-quarter like-for-like sales fell 4% as consumers started to cut back on discretionary spending amid the cost of living crisis.
There was a sharp fall in general merchandise sales, which declined 11.2% in the 16 weeks to June 25. Total retail sales excluding fuel were down 4.5%, but were 5.4% higher than pre-pandemic levels.
Sainsbury’s maintained guidance for annual underlying profit before tax of between £630m and £690m.
