Company Earnings Update 3 minutesRegister for Free AccessSainsbury’s (LSE: SBRY) 2Q20 Trading Update: Closing Stores as 1H20 Profits Set to Dip Coresight Research September 26, 2019 Executive Summary Sainsbury’s reported comparable sales ex fuel fell 0.2% year over year in 2Q10, compared to a 1.6% decline in the previous quarter. Management expects 1H20 underlying pretax profits to be down by £50 million year over year but FY20 underlying pretax profits to be in line with consensus expectations. The company sees an opportunity to cut costs by £500 million over five years. It plans to close 10-15 supermarkets, 60-70 Argos stores and 30-40 convenience stores, while opening 10 new supermarkets and 110 new convenience stores. Please Login to read the full report. Not a member? Register for a free user account. This document was generated for Other research you may be interested in: 4Q22 US Retail Inventory Tracker: Inventory Turnover Ratios Improve for Many RetailersGroceryshop 2023 Day Three: Opportunities in Grocery in 2023 and BeyondEarnings Insights 4Q22, Week 6: Burlington, Dollar Tree, Kroger and Urban Outfitters Post Strong Sales Growth; Carter’s, Kohl’s, Lowe’s and Qurate Retail See Sales DeclineWeekly US and UK Store Openings and Closures Tracker 2024, Week 8: Close to Half of Body Shop UK Stores To Close