UK’s second biggest supermarket says it will invest £500m to keep prices low as it reports fall in sales
The pressure on households will “only intensify” through the rest of this year, the boss of Sainsbury’s has warned as he said the supermarket would invest £500m in attempting to keep prices low.
The pledge came as the UK’s second biggest supermarket, which also owns the Argos and Habitat chains, revealed that sales at established stores fell 4% in the 16 weeks to 25 June compared with the same period a year before and excluding fuel. The slide was led by an 11% fall in sales of general merchandise and a 10% drop in sales of clothing. Grocery sales fell 2.4% year-on-year but were up nearly 9% on pre-pandemic levels.
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