Sainsbury's Q1 trading steady but lacks growth

* Total sales up 0.8%

* Grocery up 0.5%

* 37 more Argos opened in Sainsbury's store (takes total to 228)

SUPR View:

* Consistent and steady numbers from Sainsbury's but a noticeable lack of growth compared to sector

* Demonstrates need to acquire/merge to grow

* Financing package for Asda now in place (we assume on back of potential new Investment Grade rating)


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