Sainsbury’s shares rise despite mild sales growth

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Sainsbury’s shares rise despite mild sales growth

Retail sales excluding fuel rose by 0.8% during the first quarter at FTSE 100 supermarket J Sainsbury (LON:SBRY) as the company cut prices in produce. Clothing and general merchandise posted increases of 0.8% and 1.7% respectively, with food managing only 0.5% which was largely driven by online and convenience channels.

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Chairman Mike Coupe warned that the market remained highly competitive, but said the the potential combination of Asda and Sainsbury’s could create a “dynamic new player in UK retail“. Management said that they had agreed a £3.5 billion financing package to help fund the bid. Shares in the business climbed to 328.70p (as at 14:40 BST), up by 3.17%.

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