J Sainsbury plc (JSAIY.PK,SBRY.L) reported that its profit before tax for the 28 weeks ended 16 September 2023 was 275 million pounds, down 27% from the prior year, reflecting non-cash movements and one-off income from legal settlements in the prior year. <\/p>\n
Profit for the period was 155 million pounds or 6.5 pence per share, down 46% from the prior year.<\/p>\n
Underlying earnings per share 10.3 pence, down 7% due to the higher rate of corporation tax.<\/p>\n
The company declared an interim dividend of 3.9 pence, unchanged year-on-year in line with its policy of paying 30% of the prior full year dividend per share.<\/p>\n
Grocery sales were up 10.1%. Volume growth across both quarters driving record market share gains and consistent market outperformance.<\/p>\n
General Merchandise sales were up 1.1% despite tough weather comparatives over the summer; up 2.5% excluding the impact of the closure of Argos in the Republic of Ireland.<\/p>\n
Clothing sales were down 8.4%, reflecting a disciplined trading approach in a seasonally weak and promotionally-driven market. <\/p>\n
Statutory Group sales were up 3.5%, with fuel sales down 19.6% driven by lower input prices. Like-for-like Retail sales (excluding fuel) up 8.4%.<\/p>\n
Group sales, including VAT, increased by 2.9 per cent year-on-year as a 7.7 per cent increase in Retail sales, (including VAT, excluding fuel) and a 25.2 per cent increase in Financial Services sales more than offset a 19.6 per cent decrease in Fuel sales, including VAT.<\/p>\n
The company now expects underlying profit before tax for fiscal year 2023\/24 to be between 670 million pounds and 700 million pounds, the upper half of its previous guidance range of 640 million pounds to 700 million pounds.<\/p>\n
The company expects annual retail free cash flow to be at least 600 million pounds, higher than previous guidance of at least 500 million pounds.<\/p>\n
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