Simon Roberts, Chief Executive of J Sainsbury plc, said: "We really understand how hard it is for millions of households right now and that's why we are investing £500 million and doing everything we can to keep our prices low, especially on the products customers buy most often. We're working hard to reduce costs right across the business so that we can keep investing in these areas that customers care most about. The progress we are making on improving value, quality, innovation and service is reflected in our improved grocery volume market share.
"Our customers are watching every penny and every pound but they also look to Sainsbury's when they want to treat themselves, particularly at special occasions. We are really connected to our customers and through strong delivery of our plan, we have outperformed the market at key events such as the Jubilee1.
"I would like to thank my colleagues for their brilliant efforts this quarter. We are proud to be the first major supermarket to pay the Living Wage to all colleagues, regardless of where they live - and to have increased Sainsbury's colleague pay by 25% and Argos by 39% over the past five years. The pressure on household budgets will only intensify over the remainder of the year and I am very clear that doing the right thing for our customers and colleagues will remain at the very top of our agenda."
Financial highlights and outlook
· Good grocery performance, with sales down 2.4% against last year's elevated COVID-19 driven levels and 8.7% ahead of pre-pandemic sales
· General Merchandise and Clothing sales in line with expectations, with an improved sales trend following the first five-week period when non-essential retail was closed during lockdown last year
o Argos sales down 7% in the last 11 weeks of the quarter, down 19% in the first five weeks
o Sainsbury's General Merchandise sales down 5% in the last 11 weeks, down 30% in the first five weeks
o Clothing sales down 2% in the last 11 weeks, down 26% in the first five weeks
· Outlook unchanged; continue to expect FY22/23 underlying profit before tax of between £630m and £690m
https://www.investegate.co.uk/sainsbury ... 00062853R/
Also posted on Company News here; viewtopic.php?p=511742#p511742
I hold these in my HYP, alongside Tesco in the sector. tbh, the SBRY results don't look too hot imho, and although I hold them, I've no intention of increasing my holdings of that stock any time soon, nor am I bailing out of them either.
Ian.