Mog the cat couldn’t save Sainsbury’s slip in Christmas sales

Update from supermarket reveals more about plans to acquire Argos

Sainsbury’s has recorded a 0.4% fall in like-for-like sales over the Christmas period.

The slight fall is not fantastic news for the company, though it is somewhat better than the 0.7% fall some analysts had predicted.

The fall saw Sainsbury’s share price open down 1.2% this morning.

Chief executive Mike Coupe said: “We have traded well during the festive period in a highly competitive market. Our stores delivered excellent levels of service and availability and we launched several new seasonal products and range improvements. As a result we have seen our market share grow in the quarter.”

Argos

Sainsbury’s also provided an update on their plans to acquire Argos owner Home Retail Group.

The supermarket said: “Home Retail Group’s strong multi-channel capabilities and infrastructure would step change our ability to meet our customers’ needs for further flexibility and choice.”

Mog

Sainsbury’s Christmas advert, featuring the troublesome Mog the cat, was a huge success, with 37 million online views and the sale of related toys raising £1.5m for Save the Children.

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