Sainsbury's Grocery Sales Support Growth but Volumes Remain Negative
Sainsbury’s reported third-quarter sales results for the 15 weeks to Jan. 6, with group like-for-like retail sales, excluding fuel, up 1.1% and in line with our long-term expectations. We leave our fair value estimate and no-moat rating unchanged on the back of a challenging U.K. food retail environment.More specifically, grocery total sales were up 2.3%, with broadly unchanged inflation contribution but improved volume contribution relative to the previous quarter. That said, volume growth rem...
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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