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Pin to quick picksSainsbury's Share News (SBRY)

Share Price Information for Sainsbury's (SBRY)

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Share Price: 258.60
Bid: 258.60
Ask: 259.00
Change: -0.20 (-0.08%)
Spread: 0.40 (0.155%)
Open: 260.20
High: 260.20
Low: 258.40
Prev. Close: 258.80
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UK supermarket Asda's like-for-like sales rise 9.6%

Tue, 15th Aug 2023 16:00

LONDON, Aug 15 (Reuters) - British supermarket group Asda reported stronger like-for-like sales in the second quarter, driven by higher demand for cheaper alternatives to branded grocery products amid a cost-of-living crisis, it said on Tuesday.

Excluding fuel, like-for-like sales jumped 9.6% in the three months ended June 30, while revenue reached 5.4 billion pounds ($6.87 billion), Asda said.

Asda, Britain's No. 3 grocer after market leader Tesco and Sainsbury's has cut prices on some products, particularly on own label items, and last year it launched "Just Essentials", a value range targeting those on tight budgets.

Sales from "Just Essentials" surged 87% in the second quarter while own-brand sales recorded a 14.7% increase.

Asda, owned by brothers Zuber and Mohsin Issa and private equity firm TDR Capital, is still facing inflation in parts of its cost base, but has passed on savings from lower commodity prices in items such as milk and wheat to shoppers, Chief Financial Officer Michael Gleeson said in a statement.

Many British households remain constrained by tight budgets amid a surge in living costs that began last year, when inflation touched 40-year highs driven initially by soaring energy prices.

Price rises have since eased but at an annual rate still above 7%, they remain high by historical standards and the highest among the world's top seven rich economies.

Asda said more than 5 million customers were now regularly using its Asda Rewards loyalty app.

It also added that a 2.3 billion pound deal to buy the bulk of petrol station operator EG Group's UK and Ireland business was on track to close in the fourth quarter.

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UK grocery inflation continues downward trajectory -Kantar

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UK grocery inflation was 14.9% in 4 weeks to July 9 -Kantar

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British lawmakers to quiz Asda co-owner over fuel price competition

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13 Jul 2023 13:29

UK food price inflation to be 9% in December, industry researcher cautions

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12 Jul 2023 16:28

Investors target consumer goods makers on fears of customer exodus over high prices

LONDON/NEW YORK, July 12 (Reuters) - Top U.S. and European investors are flagging their concerns about high prices to consumer goods companies, with Janus Henderson going so far as to cut some stakes it holds and shorting food makers it believes are at risk of losing customers.

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Investors target consumer goods makers on fears of customer exodus over high prices

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Supermarket Income gets GBP117 million tranche of Sainsbury's sale

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Britain's Waitrose joins forces with Uber Eats for rapid delivery

LONDON, July 11 (Reuters) - British upmarket supermarket group Waitrose has teamed up with rapid delivery firm Uber Eats to provide its groceries to shoppers' homes in as little as 20 minutes, the companies said on Tuesday.

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