News from Sainsbury’s, Tesco, Facebook, Mark Zuckerberg, Inditex, Zara

Sainsbury’s focus on convenience stores and non-food sales has helped it to outperform main rival Tesco again, despite sales growth slowing to the slowest pace in eight years.

Britain’s third largest supermarket reported like-for-like sales growth of 0.8pc excluding fuel in the quarter to June 8. The retailer also grew market share by 0.2 percentage points to 16.8pc. Last week, Tesco, Britain’s biggest supermarket, reported a 1pc fall in same-store sales growth.

Facebook co-founder Mark Zuckerberg faced angry shareholders yesterday at the social network’s first annual meeting. “What the hell is your forecast for revenue and income for the next year?” barked one. “My family is a big fan of your and because of that I invested blindly,” said another. “Now I am under water.” Facebook’s bungled IPO last year sparked a series of woes for the company, as shares plunged from $38 to as low as $17.73 in September.

Zara owner Inditex has posted its weakest quarterly profit in four years as cold weather across Europe froze earnings at the world’s largest clothing retailer. Inditex, which also owns Bershka and Massimo Dutti, reported a 1.4pc rise in net profit to €438m (£372.1m) in the quarter to June 7.