Executive Summary

• Sainsbury’s, the UK’s second-largest grocery retailer, posted comps of 0.1% for 3Q17, marginally ahead of expectations of (0.8)%.
• Total sales were up 0.8%, excluding fuel and the impact of pharmacy disposals.
• Argos, which Sainsbury’s acquired in 2016, saw comps of 4.0% and total sales growth of 4.1%.