Sainsbury's raises profit forecast after enjoying record Christmas
11 January, 2018, 00:33 | Author: Regina Lloyd
United Kingdom supermarket chain J Sainsbury PLC on Wednesday lifted its annual profit guidance after strong end to the year, with Argos delivering a particularly strong performance on Black Friday.
It appeared to mirror a trend across the sector for squeezed households to focus on essentials such as food while cutting back on presents and other non-food items.
Sainsbury's said it now expected to achieve 80-85 million pounds ($108-115 million) of earnings synergies from Argos by March 2018, ahead of previous guidance of 65 million pounds.
Sainsbury's, the UK's second biggest supermarket group, said its general merchandise sales fell 1.4 percent in the 15 weeks to January 6, its fiscal third quarter, having fallen 1.6 percent in the previous quarter.
As a effect underlying pretax profit for the full 2017-18 year would be moderately ahead of the published analysts' consensus - an underlying pretax profit of 559 million pounds ($755.77 million), down from 581 million in 2016-17.
Shares in Sainsbury's were up 1.6% at 252.30 pence in morning trade.
Sainsbury's did not break down the separate like-for-like sales performances of its supermarket and Argos businesses. Sainsbury's opened 52 Argos stores inside supermarkets during the period, bringing the current total to 164.
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