JSNSF - Sainsbury's sales fall as inflationary pressure picks up

J Sainsbury’s ( OTCQX:JSAIY ) saw its sales decline sharply in the first quarter as inflation continues to impact UK consumers.

The UK parent of Sainsbury's and Argos grocery stores pointed to severe inflation as the culprit for a 4% decline in total sales, led by double digit drops in general merchandise sales. Health restrictions related to the COVID-19 pandemic were cited as a key issue adding to sales declines.

Still, the company has been consistently reluctant to raise prices amid the inflationary impacts.

“The pressure on household budgets will only intensify over the remainder of the year and I am very clear that doing the right thing for our customers and colleagues will remain at the very top of our agenda,” CEO Simon Roberts said.

Read more on the company’s rationale on price increases .

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