Sainsbury's May Face Uphill Struggle to Hit Fiscal Year Targets -- Market Talk
07 November 2019 - 8:16PM
Dow Jones News
J. Sainsbury may face a tough task to hit full-year earnings
targets, Jefferies says, after the U.K. grocer reported a GBP41
million fall in underlying profit to GBP238 million. Jefferies says
Sainsbury's interim results were always going to be uneventful
given the company's first-half guidance. Sainsbury's ability to
convince investors that it can achieve a 60/70 basis-point swing in
2H margin to hit its re-confirmed full-year pretax profit target of
GBP632 million will be more critical, the brokerage says. "The
change in direction may prove a tall order, absent a potential
inflection in U.K. trading conditions," Jefferies analysts say. "We
would rather own Tesco and Morrisons." Shares rise 1.75%.
(philip.waller@wsj.com)
(END) Dow Jones Newswires
November 07, 2019 04:01 ET (09:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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