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UK's Sainsbury's upgrades outlook after strong Christmas

Sainsbury's, Britain's second-biggest supermarket, on Wednesday reported a better-than-expected performance in its Christmas quarter and upgraded its sales forecast for the second half.


Scott Barbour, Getty Images News, Getty Images

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

That compared to analysts' average forecast of a fall of 0.7 percent and a second quarter decline of 1.1 percent.

Sainsbury's said it now expects its like-for-like sales in the second half of the year to be better than the first.

Previously it had expected a similar performance.