Sainsbury’s (LSE: SBRY) 1H19 Results: Further Tepid Retail Sales Growth; Exceptional Costs Hit Bottom Line

Executive Summary

• In 1H19, Sainsbury’s reported further modest growth in comparable sales, with comps up 0.6%. Total retail sales were up just 1.2%.
• Revenues and adjusted pretax profit came in ahead of expectations.
• The company has delivered its target of £160 million in EBITDA synergies from its Argos acquisition nine months ahead of plan.