Sainsbury’s profit falls 15% after failure of Asda deal

British supermarket group Sainsbury’s (SBRY.L) reported a 15% fall in first-half profit, blaming the combined impact of the phasing of cost savings, higher marketing costs and tough weather comparatives with last year which impacted on sales.

The 150-year old group did, however, forecast on Thursday that second half profits would benefit from the annualisation of last year’s staff wage increase and a normalisation of marketing costs and weather comparatives – implying it was on track to make analysts’ profit consensus for the full 2019-20 year. 

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