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FINANCIAL NEWS
Qatar-backed Sainsbury’s raises profit forecasts
01 Oct 2015
(MENAFN) Sainsbury’s, the British supermarket brand which is 25.9 percent owned by Qatar, raised its profit forecast and posted better-than-expected quarterly sales.
Sainsbury’s, which has shown greater resilience to competition than its “big four” British rivals, said underlying sales fell in the second quarter to the end of September, but not by as much as feared.
The supermarket said that meant it was on course to beat analyst forecasts of USD831 million for 2015-16 pretax profit, sending its shares up 14.7 percent, the biggest intraday rise since February 2007.
“The two things are pretty encouraging and a slight improvement on the previous quarter… The trend’s in the right direction,” Chief Executive said, adding that volume grew just over 1 percent.
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