UK food retailer J Sainsbury says it will not be pushed by market leader Tesco and other sector rivals into cutting prices to win back customers. In recent weeks Tesco, Asda and Safeway, which together with
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Sainsbury’s make up the UK supermarket sector’s ‘big four,’ have used the opportunity presented by the release of financial results to announce price cuts totalling £260m (US$368.7m). Sainsbury’s, however, said such cuts were “not our strategy, although we are competitive on price.”
J Sainsbury is expected to unveil Q1 sales growth of between 5% and 6% tomorrow [Wednesday], following a strong fourth quarter. Analysts said the grocer has benefited recently from high consumer demand and the return of inflation. That said, even if the group performs at the upper limit of its forecast growth rate, it will still fall short of growth rates achieved by sector rivals.
Sainsbury’s market share is now at its lowest for several years, having slipped form 18% in May to just 17.1%, according to retail market research company Taylor Nelson Sofres.
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