Sales at UK’s Sainsbury’s fall for third consecutive quarter

British supermarket group Sainsbury’s reported a third consecutive quarter of declining underlying sales, particularly hurt by weak clothing and general merchandise markets.

The group, which had its £7.3 billion takeover of rival Asda blocked by the UK competition regulator in April, said on Wednesday its like-for-like sales, excluding fuel, fell 1.6 per cent in the 16 weeks to June 29th, its fiscal first quarter.

The outcome compares with analysts’ forecasts in a range of down 1.1 per cent to down 2 per cent and a fall of 0.9 per cent in the previous quarter.

“Retail markets remain highly competitive and promotional and the consumer outlook continues to be uncertain,” Sainsbury’s said. – Reuters