Coupe also stressed that Sainbury’s was in a more secure position than many of its rivals who experienced similar slumps in share prices and dividend cuts throughout the year due to increased pressure from cost-cutting competitors.
“We have made a solid start to the year with like-for-like transaction growth across all our channels and total volume growth,” he said. “General merchandise and clothing continue to perform well with good sales growth across both businesses, and we continue to see encouraging results from Sainsbury’s Bank, a significant opportunity for long-term growth.”
