J Sainsbury 1Q 2020 Total Retail Sales Down 1.2%
03 July 2019 - 4:51PM
Dow Jones News
By Adriano Marchese
J Sainsbury PLC (SBRY.LN) said Wednesday that total retail sales
were down 1.2% in the first quarter of fiscal 2020, dragged down by
a poor clothing business sales.
The second-largest U.K. grocer by market share said that on a
like-for-like basis, sales excluding fuel were down 1.6% in the
first quarter ended June 29, compared with 0.2% in the prior year's
comparative period.
The company's clothing business took the biggest hit, seeing a
decline in sales of 4.5% in the quarter compared with a rise of
0.8% during the previous year's equivalent period. General
merchandise sales also fell 3.1%, while last year it rose 1.7% in
the period. J Sainsbury blamed tougher competition and unseasonably
poor weather.
J Sainsbury said that it is committed to reducing net debt by at
least 600 million pounds ($757.1 million) over the next three
years.
Write to Adriano Marchese at adriano.marchese@dowjones.com
(END) Dow Jones Newswires
July 03, 2019 02:36 ET (06:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
J Sainsbury (QX) (USOTC:JSAIY)
Historical Stock Chart
From Jun 2024 to Jul 2024
J Sainsbury (QX) (USOTC:JSAIY)
Historical Stock Chart
From Jul 2023 to Jul 2024
