May 1, 2019 / 6:15 AM / 5 months ago

Britain's Sainsbury's to step up investment after Asda deal killed

LONDON, May 1 (Reuters) - Britain’s Sainsbury’s, chastened by the blocking of its takeover of rival supermarket group Asda, said it would accelerate investment in its store estate and technology as it reported a second straight quarter of underlying sales decline.

Sainsbury’s said on Wednesday its fourth quarter to March 9 like-for-like sales fell 0.9 percent, having fallen 1.1 percent over the Christmas period.

Underlying pretax profit for the group’s full 2018-19 year did, however, rise by a better-than-expected 7.8 percent to 635 million pounds ($828.3 million) helped by synergies from the Argos general merchandise business it purchased in 2016, and the total dividend increased 7.8 percent to 11.0 pence. ($1 = 0.7666 pounds) (Reporting by James Davey; editing by Kate Holton)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below