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J Sainsbury added to signs of a slowdown in British spending yesterday, becoming the second major retailer to report lower-than-expected first quarter trading in as many days.

June 21, 2007

London – J Sainsbury added to signs of a slowdown in British spending yesterday, becoming the second major retailer to report lower-than-expected first quarter trading in as many days.

Britain’s third largest supermarket group posted a 5.1 percent rise in UK like-for-like sales excluding fuel for the 12 weeks to June 16, below the average forecast by analysts.The operating environment remained “competitive”, it said.

Sainsbury said its total sales in the first quarter this year rose 5.7 percent. – Reuters