J Sainsbury plc (GB:SBRY) has released an update.
J Sainsbury plc reported robust grocery sales with market share gains, marking the second year of volume growth, while general merchandise and clothing showed mixed results, and Argos sales declined due to a tough comparison period. The company launched 400 new products, with a focus on the Taste the Difference range, and is implementing a £200 million share buyback program, with plans to return at least £250 million to shareholders following the sale of Sainsbury’s Bank’s Core Banking Business. Despite cautious general merchandise spending, Sainsbury’s anticipates a FY24/25 Retail underlying operating profit of £1,010 million to £1,060 million and a Retail free cash flow of at least £500 million.
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