Executive Summary

• For FY19, ended March 9, 2019, Sainsbury’s reported adjusted Retail EBIT up 10.7% and adjusted pretax profit up 7.8%; both metrics came in ahead of consensus.
• Nonadjusted operating profit, pretax profit and net profit were all down significantly. Adjustments included costs related to the failed merger with Asda, the integration of Argos, replatforming Sainsbury’s Bank and restructuring.
• Management said the company will invest to improve over 400 supermarkets in FY20 and will invest more in technology to offer greater convenience.