Supermarket giant Sainsbury’s experienced a 5% fall in share price as sales fell. Sainsbury reported that like-for-like sales for the fourth quarter were up by 1%, below market expectations, and against growth of 3.6% in the previous quarter.
Chief executive, Justin King, said the trading environment was tough and said consumers were feeling the pinch. He continued that consumers were battling “very significant” fuel price inflation, uncertain employment prospects and government spending cuts which meant that customers were “managing their spending carefully”.
The supermarket giant has almost 900 stores in the UK and employs 150,000 people. Tesco and Morrisons also saw their shares fall, by 2.4% and 2.17%.