Sainsbury’s Q1 trading performance was below our expectations. Lfl sales came in at -4.0% (vs our estimate: -1.5% yoy). While all segments ended in the red, GM was particularly weak during the quarter. We expect the volume decline to be sustained over the remainder of the financial year. We will reduce our FY22/23 underlying PBT estimate towards the lower end of the guidance as customer sentiment will remain under pressure in the near-term. However, the stock recommendation is likely to remain u ....
06 Jul 2022
Q1 trading – inflation eroding the momentum, gradually!
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Q1 trading – inflation eroding the momentum, gradually!
J Sainsbury plc (SBRY:LON) | 269 -0.5 (-0.1%) | Mkt Cap: 6,388m
- Published:
06 Jul 2022 -
Author:
Nishant Choudhary -
Pages:
3
Sainsbury’s Q1 trading performance was below our expectations. Lfl sales came in at -4.0% (vs our estimate: -1.5% yoy). While all segments ended in the red, GM was particularly weak during the quarter. We expect the volume decline to be sustained over the remainder of the financial year. We will reduce our FY22/23 underlying PBT estimate towards the lower end of the guidance as customer sentiment will remain under pressure in the near-term. However, the stock recommendation is likely to remain u ....