MARKET TALK: J Sainsbury 1Q Statement Positive - Shore

16th Jun 2010 08:20

0720 GMT [Dow Jones] J Sainsbury's (SBRY.LN) 1Q trading statement is good, says Shore Capital, judging against the backdrop of tough comparatives, low inflation and a subdued consumer. Shore says, whilst modest, like-for-like sales growth is in-line with that of Tesco (TSCO.LN) and Morrison (MRW.LN) for the same period, reflecting well on Sainsbury's ability to adjust to market conditions and eke out a respectable performance. Nevertheless, "the stock is somewhat 'stuck' in the doldrums at present and we see the need for the new space to make an even stronger contribution to the residual core chain." Hold rating. Shares +0.9% at 327p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 16, 2010 03:20 ET (07:20 GMT)