Sainsbury’s has posted a 4% drop in first quarter like-for-like sales after customers cut back on non-essential items during to the cost of living crisis.
In the 16 weeks to 25 June, grocery sales fell by 2.4% while clothing and general merchandise sales declined by 10.1% and 11.2% respectively.
The retailer launched 371 new products in the period, including 95 new Taste the Difference products. Its new Summer Edition range performed particularly well with many lines exceeding expectations.
Meanwhile, Taste the Difference sales were up over 12% year-on-year over the Jubilee week with Taste the Difference Prosecco and clotted cream scones proving particularly popular.
Sainsbury’s has also announced that its chief financial officer Kevin O’Byrne has confirmed his intention to retire from Sainsbury’s at the end of the current financial year after six years in the role.
Following an external and internal search, he will be succeeded by Bl á thnaid Bergin, who is currently commercial and retail finance director at the supermarket.
