Sainsbury On Track for Cost-Savings Targets as Sales Rise

J Sainsbury PLC (SBRY.LN) said Tuesday that first quarter sales rose and that it remains on track to achieve 145 million pounds ($188.18 million) of cost savings in the current financial year, as part of the company's three-year GBP500 million cost savings program.

The U.K.'s second-biggest supermarket chain recorded 2.3% growth in retail same store sales, excluding fuel, for the 16 weeks to July 1. Total retail sales, excluding fuel, were up 2.7%.

"The market is competitive and we continue to manage cost price pressures closely. Our strategy is delivering and we are well placed to navigate the external environment," Chief Executive Mike Coupe said.

-Write to Tapan Panchal at

(END) Dow Jones Newswires

July 04, 2017 02:31 ET (06:31 GMT)