Early indications are that Christmas trading for the supermarkets wasn’t disastrous but neither was it stellar. ‘I don’t think people will be popping champagne corks’ was one observer’s verdict.

Sainsbury’s (SBRY) reported a 0.4% like-for-like increase in grocery sales for the 15 weeks to 4 January, slightly ahead of market estimates. However group sales were dragged down by a 3.9% fall in general merchandise, or in other words its Argos business, sending the shares lower.

Morrison’s (MRW) didn’t divulge its Christmas sales but from the half-year and third-quarter figures it looked as if like-for-likes were down around 2.5%, in line with most estimates. Chief executive David Potts rescued the shares by predicting full-year earnings would meet expectations.

Aldi initially looked to have stolen the crown with a 7.9% increase in Christmas sales, but sector watchers suggested growth was slowing, removing some of the sparkle.

Total grocery spending for the 12 weeks to 29 December was up just 0.2% according to Kantar, with a 0.7% drop in volumes offset by a 0.9% increase in average prices.

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