Sainsbury’s has said sales growth slowed in recent weeks as food inflation eased and consumers shopped “more cautiously” amid poor weather and the cost of living crisis (The Guardian). Sainsbury’s has maintained its profit outlook despite a slowdown in sales in the first quarter, weighed down by weaker trading in its Argos division (The Times £). Sainsbury’s saw sales at its Argos brand fall in its first quarter, while clothing and general merchandise sales also faltered, results this morning show (The Daily Mail). Sainsbury’s has reported a slowdown in sales after the soggy spring weather hit trading at its Argos business (The BBC).
The boss of Sainsbury’s said Britain needs several interest rate cuts to stimulate consumer spending, particularly on non-essential things (The Guardian). Sainsbury’s boss has called for interest rate cuts to kick-start consumer spending as strong supermarket sales were hit by woes at Argos (The Daily Mail).
Sainsbury’s has called for crackdown on a tax “loophole” being exploited by Chinese fast-fashion giants such as Shein, as it struggles amid a slowdown in its own clothing sales. (The Times £)
Marks & Spencer’s bosses have hailed signs of progress at their online tie-up with Ocado. (The Daily Mail)
Marks & Spencer has faced a backlash from shareholders for paying an annual dividend of only 3p, despite handing millions of pounds in bonuses to its bosses. (The Times £)
Marks & Spencer has denied giving up on city centre high streets, as it unveiled plans to open new stores in Bath and Bristol (The Telegraph £). Marks & Spencer unveiled plans to open new flagship stores in Bath and Bristol at its annual general meeting on Tuesday (The Daily Mail).
Nils Pratley in The Guardian writes that M&S gets it right (finally) on annual meetings. Last year’s ‘digital-only’ event ruffled feathers. This year’s hybrid meeting fuelled greater attendance and more openness. (The Guardian)
Climate change is pushing up food prices — and worrying central banks. Shifting weather patterns are reducing crop yields and squeezing supplies, creating what could become a permanent source of inflation. (The Financial Times £)
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