Managers snub Sainsbury's for Tesco, despite weak numbers

Investors stick with Tesco as numbers released last week show top supermarkets are feeling the burn from difficult market conditions.

Last week’s round of results from UK supermarkets have buoyed fund managers holding Tesco, while investors continue to avoid Sainsbury’s and Morrisons. Both Tesco and Sainsbury’s published numbers this week revealing they are feeling the burn from the tough environment for the UK consumer. Tesco in particular showed signs of strain, with like-for-like sales excluding petrol and VAT increases dropping 0.1% for the year, while Sainsbury’s fared better with like-for-like sales for the quarter up 1.9%. Share prices have failed to excite over the past year however, with Tesco and Sainsb...