Sainsbury's slumps after group cuts sales forecast

Shares in Sainsbury's fell further today after it became the latest supermarket to cut its sales forecast for the full year, following a slump in trading in the second quarter.

Supermarkets in the UK have been struggling to retain market share and attract customers, as competition increases from cheaper food retailers, such as German stores Lidl and Aldi. Sainsbury's today reported another disappointing set of results, as its sales for the fiscal quarter to 16 September fell 2.8%, compared to a 1.1% slump in the first quarter. The firm now expects its like-for-like sales in the second half of the year to be similar to the 2.1% fall seen in the first half; previously, it was forecasting a moderate rise of 0.2%. The news sent shares down 3.9% in early tradi...