Sainsbury’s sales fall for the first time in 9 years
Sainsbury's has seen a fall in like-for-like sales growth for the first time in nine years, with like-for-like sales in the fourth quarter dropping 3.1 per cent excluding fuel and a decline in total sales of 1.5 per cent.
Justin King, chief executive, said:
We have seen a decline in sales in the quarter reflecting tough comparatives. This time last year our sales benefited significantly from the discovery of horsemeat in some branded and competitors' products.
Sainsbury's said the market is now growing at its slowest rate since 2005. Despite improving economic conditions the company expects the outlook for customers to continue to be challenging over the course of 2014.
In January, Justin King said he would step down as chief executive of Sainsbury’s in July after a decade at the helm.The 53-year old is credited with transforming the fortunes of the UK’s third-largest supermarket chain. Current commercial director Mike Coupe will take over as chief executive on 9 July.