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J Sainsbury H1 profit down 40.9%

Staff Writer | November 9, 2017
J Sainsbury reported that its first-half profit before tax declined 40.9 percent to 220 million pounds from 372 million pounds in the same period last year.
J Sainsbury   Basic earnings per share fell
Basic earnings per share for the half year fell to 7.1 pence from 14.8 pence last year.

The company noted that the prior-year results benefited from a 111 million pounds one-off property gain from Nine Elms and 98 million pounds profit from the sale of the pharmacy business in the year-ago period.

Underlying profit before tax for the half year was 251 million pounds, compared to 277 million pounds last year. Underlying basic earnings per share were 8.7 pence, compared to 11.2 pence in the previous year.

The decline in underlying earnings reflects a full period's dilution impact of new shares issued to Home Retail Group plc shareholders on acquisition.

Sainsbury's underlying Group sales for the period, including VAT, rose 17 percent to 16.31 billion pounds from 13.92 billion pounds a year ago, primarily reflecting the full consolidation of Argos in the latest period.

Group sales (excluding VAT, including fuel) increased to 14.64 billion pounds from 12.64 billion pounds last year.

Like-for-like sales, including VAT and excluding fuel, rose 1.6 percent.

Further, the company's board approved an interim dividend of 3.1 pence per share, down from 3.6 pence last year.

This will be paid on 2 January 2018 to shareholders on the Register of Members at the close of business on 17 November 2017.