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J Sainsbury's (JSNSF) CEO Michael Coupe on Q1 2017/2018 Trading Update - Earnings Call Transcript

Jul. 04, 2017 10:10 AM ETJ Sainsbury plc (JSNSF)
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J Sainsbury plc (OTCQX:JSNSF) Q1 2017/2018 Trading Update Earnings Conference Call July 4, 2017 3:45 AM ET


Kevin O'Byrne - Chief Financial Officer

Michael Coupe - Chief Executive Officer


Edouard Aubin - Morgan Stanley

Bruno Monteyne - Bernstein

James Tracey - Redburn

Clive Black - Shore Capital

Rob Joyce - Goldman Sachs

Andrew Gwynn - Exane

David McCarthy - HSBC

James Grzinic - Jefferies

Dan Ekstein - UBS

Niamh McSherry - Deutsche Bank

Mike Dennis - Lazarus

Stewart McGuire - Credit Suisse

Kiranjot Grewal - Bank of America

Michael Coupe

Good morning, everyone, and welcome to the Sainsbury's Quarter 1 Trading Update Call. And I'm joined here today by our CFO, Kevin O'Byrne.

We're pleased with the strong performance across the group driven by our differentiated strategy and our leading combination of quality, value, and choice across foods, general merchandise, clothing, and financial services. I'm going to ask Kevin to run through some of our Q1 highlights in a moment, and then we'll hand over to you all for the Q&A.

Kevin O'Byrne

Thanks, Mike, and welcome, everyone. I'll take you through the key numbers. And given that we've changed the way we report, I'll also make - just make it clear exactly what the new definitions are.

Turning first to like-for-like sales growth. Retail like-for-like sales grew 2.3% over the quarter. This is a combined Sainsbury's and Argos number and is effectively pro forma given that we didn't own Argos in the comparative period last year. It compares with the combined number of 0.3% that we reported for Q4.

We've also disclosed total sales growth for the 3 product categories: General Merchandise, Clothing, and Grocery, and this is how we now run the business, and we've given history on a consistent definition for Q3 and Q4.


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