Sainsbury’s performance during the Q3 and Christmas period was in line with our estimates. The resilience of the food business was comforting but weakness in GM (especially in toys and gaming) was a spoilsport. Online continues to gain strength and management’s plan to increase its contribution to 30% in the mid-term (vs c.20% today) is a step in the right direction. We will tweak our estimates slightly upwards.
20 Jan 2020
Grocery shows resilience but GM spoils the show
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Grocery shows resilience but GM spoils the show
J Sainsbury plc (SBRY:LON) | 271 0 0.0% | Mkt Cap: 6,422m
- Published:
20 Jan 2020 -
Author:
Nishant Choudhary -
Pages:
3
Sainsbury’s performance during the Q3 and Christmas period was in line with our estimates. The resilience of the food business was comforting but weakness in GM (especially in toys and gaming) was a spoilsport. Online continues to gain strength and management’s plan to increase its contribution to 30% in the mid-term (vs c.20% today) is a step in the right direction. We will tweak our estimates slightly upwards.