LONDON, July 4 (Reuters) - Sainsbury’s, Britain’s second biggest supermarket group, saw sales growth slow in its latest quarter, reflecting price cuts in a competitive market.
The firm, which in April agreed a 7.3 billion pounds ($9.7 billion) takeover of No. 3 player Walmart’s Asda, said on Wednesday retail like-for-like sales, excluding fuel, rose 0.2 percent in the 16 weeks to June 30, its fiscal first quarter.
That was ahead of analysts’ average forecast for a fall of 0.1 percent but below growth of 0.9 percent in the previous quarter.
“The market remains competitive. However, we have the right strategy in place,” said Chief Executive Mike Coupe. ($1 = 0.7579 pounds) (Reporting by James Davey; editing by Sarah Young)