Are Aldi and Lidl Causing Sainsbury Sales to Wane?
U.K. grocer J Sainsbury Plc reported slightly weaker sales as it offered customers fewer promotions and switched to permanent price cuts on everyday items such as pizza and onions. Same-store sales fell 1.1 percent, excluding fuel, in the 16 weeks ended Sept. 24, the London-based company said Wednesday. That compares with analyst estimates for a 1 percent drop and the previous quarter’s 0.8 percent decline. Like industry leader Tesco Plc, Sainsbury’s is reducing the number of promotional deals and offering lasting discounts as it seeks to simplify its pricing and narrow the gap to discounters Aldi and Lidl. Bloomberg's Charles Allen reports and Coutts & Company Chief Investment Officer Alan Higgins discusses with Anna Edwards and Manus Cranny on "Countdown."