Sainsbury’s Earnings: Broadly In-Line Close to the Year
J Sainsbury reported preliminary results for the 52 weeks ended March 2, 2024, with like-for-like sales growth of 7.5%, excluding fuel sales (3.8% including fuel sales). Grocery sales growth was robust at 9.4% year over year while clothing sales growth was negative 6.4% (from down 1.7% in the third quarter and negative 6% during the Christmas period). Meanwhile, Argos sales experienced a marginal drop of 0.5% overall, yet when the impact of the Argos closures in the Republic of Ireland is excluded, sales actually improved by 1.6%.