Revenues in the quarter fell 0.4% to £354.9bn on like-for-like basis, the third successive quarterly drop.
This fall was led by the supermarket sector, where revenues shrank by 2.1% (-£2.3bn) as the price war among the long-established British chains and European interlopers rumbled on. This represented the first such drop on record.
The restructuring of natural resources company Vedanta also played a role in the profit slump, according to The Share Centre.
Mid-caps continued to outshine their bigger FTSE 100 peers, with stronger profit growth than large-caps, continuing a multi-year trend.
Large-caps’ operating profits fell 10.6% like-for-like (£2.5bn) while mid-caps saw a fall of only 5.8%.
Low inflation in the UK and other key markets and the effect of the strong pound on conversion of overseas revenue also contributed to the soft numbers.
The report also pointed out what it described as a ‘strong sector divergence’ with the likes of house builders, travel, telecoms and utilities outperforming others, including the beleaguered supermarkets.
Overall, 13 sectors saw sales decline, with 10 seeing a rise.
“UK plc is struggling to reach escape velocity,” said investment research analyst at The Share Centre Helal Miah. “FTSE 100 companies have been assailed by wave after wave of global difficulties that have knocked profits.