UK supermarket Sainsbury's reported a drop in retail sales for the fourth quarter of 2014 as it warned its market will "remain challenging for the foreseeable future"
Like-for-like retail sales including fuel fell 3.9% due to price deflation and greater competition within the sector. Total like-for-like retail sales including fuel also fell 2.7%. The figures represent the fifth straight quarter of sales drops for the supermarket, but were not quite as bad as feared - prompting shares to rise 2.2% to 274.6p in early trading. Mike Coupe, chief executive, said in a trading statement: "The trading environment remains challenging and the decisions we have taken to improve our competitiveness are reflected in our quarterly performance. "Since we annou...
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