Sainsbury’s rise in sales was steady but shy of expectations, with the shares reflecting a tinge of disappointment... The numbers were boosted by including the Jubilee weekend, unlike Tesco, and progress in clothing and online remained notably strong.
CLIVE BLACK SHORE CAPITAL
Sainsbury did continue to outperform the market and its same store sales are around three per cent ahead of its key rival Tesco. But Sainsbury’s differential over Tesco may be starting to narrow and it is noteworthy that this statement included the Queen’s Diamond Jubilee.
PHILIP DORGAN PANMURE GORDON
A very slightly below consensus for Sainsbury but, in truth, this is a decent like-for-like sales performance, given the awful weather in April. We remain buyers with a target price of 350p.