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Sainsbury (LSE: SBRY) 2Q17 Results: Sales Decline Worsens, Comps Miss Consensus

Executive Summary

  • The UK’s second-largest grocery retailer, J. Sainsbury, reported 2Q17 comps down 1.1%, trailing the consensus of (0.8)%. Total sales were down 0.4%.
  • Total sales growth and comparable sales growth both recorded a sequential weakening from 1Q17, while rivals Tesco and Wm Morrison are reporting strengthening performances.
  • Newly acquired Argos posted sales up 3.0% in total and up 2.3% on a comparable-store basis.

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