Sainsbury's sees sales boost thank to Marks & Spencer cyber attack
The supermarket reported a 4.7 per cent rise in group sales for the 16 weeks to June 21, excluding fuel.
1
Grocery sales jumped by 5 per cent, while Argos saw a 4.4 per cent increase as shoppers bought fans and paddling pools during the warm weather.
Sainsbury's said it had achieved its highest market share since 2016, growing share three years in a row.
Boss Simon Roberts admitted that the M&S disruption had helped, saying: 'If a store is low on stock, customers will go somewhere nearby.
'We've had a little bit of benefit.'
At yesterday's annual general meeting, M&S boss Stuart Machin said he expects online services to be fully restored within four weeks.
Sainsbury's said strong first quarter performers included Taste the Difference fresh food, which saw sales surge 20 per cent as customers snapped up picnic and deli ranges in the sunny weather.
Tu Clothing sales jumped 8 per cent, driven by a 13 per cent womenswear leap.
Sainsbury's also confirmed it is on track to meet its £1billion profit target for the year, despite the impact of price cuts.
Meanwhile, food price inflation rose 3.7 per cent in June, up from 2.8 per cent in May.
RATE CUT HINT
MILLIONS of borrowers could see their costs drop as interest rate cuts look more likely next month.
Bank of England governor Andrew Bailey said the labour market is 'softening', with pay rises slowing down.
Markets now predict a 75 per cent chance of rates being cut from 4.25 per cent to four per cent.
Mr Bailey said: 'The path of interest rates will be gradually downwards.'
PLUGS A HOLE
SOUTHERN WATER's owner has pumped £1.2billion into the struggling utility to shore up its finances.
Australian firm Macquaire, which used to own Thames Water, has already handed over £655million, with another £545million expected by December.
Southern Water, which serves 4.7 million people in the South and South East, has built up nearly £9billion in debt.
SQUEEZE ON CASH ISAS
SAVERS are set to be dealt a blow as the Chancellor plans to slash the cash ISA allowance.
Right now, you can save up to £20,000-a-year tax-free across four ISAs: cash, stocks and shares, lifetime, and innovative finance.
The £20,000 limit will stay, but the amount allowed in cash ISAs is set to be reduced, according to The Financial Times.
It is intended to encourage more money into stocks and shares ISAs, which potentially offer better returns and more support to the economy.
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