Sainsbury's Christmas quarter hurt by weak general merchandise [Reuters]
WM MORRISON UNSP/ADR (MRWSY)
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Source: Reuters
Sainsbury's Christmas quarter hurt by weak general merchandise LONDON (Reuters) - Sainsbury’s ( SBRY.L ) reported a slight drop in underlying sales in the key Christmas quarter when weak demand for general merchandise overshadowed solid sales of food. The group, which is trying to rebuild investor confidence in its strategy following a botched attempt to take over rival Asda ( WMT.N ), said on Wednesday like-for-like sales, excluding fuel, fell 0.7% in the 15 weeks to Jan. 4, its fiscal third quarter. That compares with a second quarter fall of 0.2%. Sainsbury’s said that while grocery sales grew 0.4%, slightly ahead of analysts’ expectations, sales of general merchandise goods such as electronics, toys and gaming were down 3.9%. The group said colder weather helped drive a 4.4% increase in clothing sales, while party and gifting ranges performed well. It said its Argos business outperformed the market in consumer electronics, but the toy and gaming markets declined year-on-year.
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