J Sainsbury Delivers a Strong 1Q Trading Update
J. Sainsbury reported strong trading performance for first-quarter 2017-18, with like-for-like sales up 2.3%, excluding fuel, and with transaction growth in all channels. Despite the top-line performance exceeding our expectations, our fair value estimate and no moat rating are unchanged. We believe hard discounters remain the main competitive threat on both the medium- and long-term horizons, and strong top-line growth in the first quarter isn't sufficient to change our stance on the industry. ...J Sainsbury is principally engaged in food, general merchandise and clothing retailing and financial services. Co. is organized into four operating segments: Retail (Food), which provides a range of food, including organic produce; Retail (General Merchandise and Clothing), which provides a range of products across home, clothing, technology and leisure; Financial Services (Sainsbury's Bank plc and Argos Financial Services entities), which provides products such as credit cards, insurance, travel money and personal loans; and Property Investment (The British Land Company PLC and Land Securities Group PLC joint ventures). At Mar 11 2017, Co. had 605 supermarkets and 806 convenience stores.
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