Executive Summary

• The UK’s second-biggest grocery retailer, Sainsbury’s, posted 1Q18 comps of 2.3%, excluding fuel and including Argos in the prior year base.
• Total sales increased by 2.7%, including Argos in the base and excluding fuel and the impact of the sale of Sainsbury’s pharmacy business.
• Sainsbury’s reaffirmed its target to deliver £160 million in EBITDA synergies from the Argos acquisition by March 2019, and achieve £145 million in cost savings this fiscal year.