Sainsbury’s: Better-than-expected Christmas trade

Sainsbury’s, Britain’s second-biggest supermarket, yesterday confirmed a better-than-expected performance in its Christmas quarter and upgraded its sales forecast for the second half.

The firm, which revealed that it had a November bid approach for Argos owner Home Retail rejected, said sales at stores open over a year fell 0.4%, excluding fuel, in the 15 weeks to January 9, its fiscal third quarter.

That was better than analysts’ forecasts.