Overview
- Sainsbury’s raised full-year retail underlying operating profit guidance to more than £1 billion after a better-than-expected half.
- The group posted £504 million in underlying operating profit for the 28 weeks to September 13, with pre-tax profit up 5% to £271 million.
- Like-for-like sales excluding fuel rose 4.3% in the second quarter as food growth accelerated to about 5.7%, while clothing, general merchandise and Argos slowed.
- Management is pursuing a three-year £1 billion cost-reduction programme, has closed in-store cafés and counters with over 3,000 jobs cut, and warned the November 26 budget could squeeze households and dent Black Friday trade.
- US Supreme Court justices pressed the administration on using a 1977 emergency law to levy tariffs, signaling skepticism in oral arguments, with a decision expected within weeks to a few months.