UK grocery retailer and takeover target Safeway has reported a dip in first-quarter sales as it struggled to hang on to customers amid an uncertain future.
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The company said like-for-like sales fell 0.6% in the first quarter to late June, while total sales rose 1.1%.
Safeway said first-quarter profit would be in line with last year’s level.
The retailer’s CEO, Carlos Criado-Perez, said he expects Safeway’s sales performance to “continue to be stable” as the financial year progresses, reported Dow Jones International News.
He said Safeway has cut back on brand investment and advertising, as it works to increase the amount that customers spend in-store.
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By GlobalData
