Sainsbury's sales growth slows

British supermarket Sainsbury’s revealed a slowdown in sales growth today despite efforts to tempt cost-conscious shoppers into its stores with cut-price promotions and a bigger value range.

The retail giant said its Jamie Oliver-fronted “Feed your family for a fiver” campaign was driving strong sales growth of its “basics” products as consumers sought cheaper food in the face of the credit crunch and soaring inflation.