A SALES update from Sainsbury’s received a lukewarm response today after shares in the supermarket chain opened more than 3% lower.
The retailer reported like-for-like sales growth of 5.4% in the second quarter, slightly lower than market forecasts and down on the inflation-driven rise of 7.8% seen in the first quarter.
Sainsbury’s shares slipped 9.8p to 313.1p in the first hour of trading, while the wider FTSE 100 Index consolidated the hefty gains seen in the previous session as it fell by just six points to 5132.4.
The rest of the supermarket sector was under pressure following the figures from Sainsbury’s, with Morrisons down 2.9p at 272.2p and Tesco off 3.7p at 387p, despite delivering a solid half-year trading update yesterday.
One of the biggest gains in the FTSE 250 Index came from recruitment firm Michael Page International following its announcement of third quarter operating profits, against expectations for a loss. Shares were 3% or 12.1p higher at 342.3p.
Thorntons shares were also stronger, up 5.25p to 123.25p, after the chocolate retailer achieved first quarter sales growth of 2.3% and said it was well placed ahead of the Christmas trading period.
