Sainsbury’s (LSE: SBRY) 1Q20 Trading Update: Comp Decline Worsens, Outlook Remains Bearish

Executive Summary

• Sainsbury’s reported comparable sales ex fuel fell 1.6% year over year in 1Q20, compared to a 0.9% decline in the previous quarter and missing the consensus estimate of a 1.4% decline recorded by StreetAccount.
• The company’s total sales ex fuel fell 1.2% year over year, compared to a 0.2% decline in the previous quarter and in line with the consensus estimate.
• The company says the retail market remains highly competitive and promotional, and the consumer outlook remains uncertain.