MARKET TALK: Sainsbury 1Q Like-For-Like Sales Below Forecast

16th Jun 2010 07:45

0645 GMT [Dow Jones] J Sainsbury's (SBRY.LN) 1Q like-for-like sales of 1.1% excluding petrol but including VAT, are slightly below Execution Noble's estimate of 1.5%, the brokerage says. However, its estimate was ahead of consensus. Execution prefers either Tesco (TSCO) or Morrison (MRW.LN), with 22% and 35% upside to the brokerage's respective fair values respectively. Sainsbury rated at hold. Shares closed Tuesday at 324p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 16, 2010 02:45 ET (06:45 GMT)