J Sainsbury's Q2 2017 Trading Continues to Disappoint
J Sainsbury reported a disappointing trading performance for second-quarter 2017, the 16-week period ended Sept. 24. Same-store sales fell 1.1% excluding fuel, which shows no improvement on previous periods. Somewhat unusually, however, there was a negative contribution from store extensions, which are included in same-store sales; adjusting for this, there is a slight underlying improvement in sales. Our fair value estimate and moat rating remain under review.The weakness in sales was brought ...
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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