J Sainsbury 1st Half Profit, Sales Fell in Competitive Market
07 November 2019 - 6:58PM
Dow Jones News
By Adriano Marchese
J Sainsbury PLC (SBRY.LN) said Thursday that pretax profit fell
92% in the first half of fiscal 2020 as it booked higher one-off
costs.
In the 28 weeks to Sept. 21, the U.K. grocer made a pretax
profit of 9 million pounds ($11.6 million), compared with GBP107
million in the first half of fiscal 2019.
The company said that underlying profit--the company's preferred
metric which excludes exceptional costs--was GBP238 million, a fall
of GBP41 million from the prior year's period.
Revenue fell 0.2% to GBP15.1 billion in the period, while
underlying group sales, which include VAT, were GBP16.86 billion
compared with GBP16.88 billion. On a like-for-like basis, sales
were down 1%, a measure which excludes fuel.
The board has declared an interim dividend of 3.3 pence a share,
up from last year's 3.1 pence.
The company said that retail markets remain highly competitive,
with uncertain consumer outlook, but continues to expect profits in
the second half to benefit from normalization of costs.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 07, 2019 02:43 ET (07:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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