Sainsbury's has watched its share price slide this morning (January 9th) despite news the supermarket achieved record sales over the Christmas period.
Total sales excluding fuel rose by 0.9 per cent year on year in the 14 weeks to January 5th and the store said it served its highest ever number of customers over this timeframe.
Indeed, the week before December 25th was its busiest ever, with £16 million in sales taking place in the hour between noon and 13:00 GMT on Sunday December 23rd alone.
Chief executive of the supermarket chain Justin King stated the company had done well but remained cautious of the future.
"We expect the challenging economic backdrop to persist, with customers looking to re-balance their household budget after the festivities," he explained.
At 08:35 GMT, shares in Sainsbury's retreated by 1.3 per cent to 334.30p per unit on the London Stock Exchange.
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