From Morningstar:

Shares in Sainsbury’s fell 4.7% to 290.80p despite a largely-positive trading update. Grocery sales rose 9.3% year-on-year, Christmas grocery sales in the six weeks to January 6 climbed 8.6%. General merchandise sales fell 0.6% in the 16 weeks but rose 1.5% when excluding closures. Retail sales grew 6.5% annually, and Sainsbury’s reiterated its annual guidance for underlying pre-tax profit.

Chief executive Simon Roberts said, “We enter 2024 with strong momentum and next month we will share our updated strategy, building on all we’ve done to put food back at the heart of Sainsbury’s over the last three years.” Sainsbury’s will release its financial 2024 results on April 25.



Read more: Sainsbury’s Shares Slip Despite Upbeat Christmas…