Trolley Trends Week 10: Asda dethroned for the first time as cheaper basket trumped by Sainsbury’s better availability

研报英文原文证据摘录

Trolley Trends Week 10: Asda dethroned for the first time as cheaper basket trumped by Sainsbury’s better availability

J P M O R G A N Europe Credit Research

09 July 2026

Trolley Trends

Week 10: Asda dethroned for the first time as cheaper

basket trumped by Sainsbury’s better availability

Europe Corporate Credit - Retailing

& Consumer Products

Neill Keaney AC

(44 20) 7134-2002

neill.keaney@jpmorgan.com

J.P. Morgan Securities plc

Sainsbury's has dethroned Asda for the first time at the top of our composite European Food Retail

league table. Boasting a trolley that was just 0.3% more expensive than price

Borja Olcese

leader Asda, Sainsbury’s better availability proved significant despite it being (34-91) 516-1511

slightly more promotional. The BRC-Nielsen measure of grocery inflation borja.olcese@jpmorgan.com

for June, published last week, saw a moderation to 2.4% vs 2.7% in May and J.P. Morgan Securities plc

a three-month rolling average, also of 2.7%. This contrasts with a run rate of Palak Garg

4.8% as calculated from our tracker. Whilst we see a path to higher fresh food (91-22) 6157-5102

inflation (2.8% in June vs 3.4% in May as per BRC/Nielsen), in line with palak.x2.garg@jpmorgan.com

J.P. Morgan India Private Limited

company commentary, our economists are modelling for just 1.9% CPI over

European General Retail 2H26 before seeing a pick up in 1H27.

Georgina Johanan, ACA

(44-20) 7134-5791

Table 1: Trolley Trends Scorecard georgina.s.johanan@jpmorgan.com

Premium J.P. Morgan Securities plc

Composite Total (vs Pricing vs Pricing vs 4 Promo

Retailer Score (/100) Basket cheapest) Last Week Weeks Ago Availability intensity

Sainsbury's 96.7 £260.55 0.3% 0.1% 0.4% EXCELLENT MEDIUM

Asda 96.6 £259.67 0.0% -0.2% 0.3% GOOD LOW

Ocado 94.9 £273.77 5.4% 0.0% 0.0% EXCELLENT LOW