Sainsbury's Cuts Dividend as FY17 Sales Fall
May 03 2017 - 3:01AM
Dow Jones News
By Olga Cotaga
LONDON--J Sainsbury PLC (SBRY.LN) reported a 0.6% fall Wednesday
in full-year like-for-like sales, excluding fuel, to 29.11 billion
pounds ($37.6 billion) and cut its dividend.
The board proposed a final dividend of 6.6 pence a share,
bringing the total payout for the year to 10.2 pence a share, down
16% from a year earlier.
The retailer's pretax profit in the 12 months ended March 11
decreased by 8.2% to GBP503 million from GBP548 million.
Chief Executive Mike Coupe said the company was on track to
deliver on its three-year GBP500 million cost-saving program.
The company said it had opened 59 Argos Digital stores in its
supermarkets since purchasing the U.K. retailer's parent company,
Home Retailer, in September 2016. Sainsbury's is accelerating its
plan to open 250 Argos Digital stores, it added.
Sainsbury's shares closed at 279.50 pence on Tuesday.
-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter
@OlgaCotaga
(END) Dow Jones Newswires
May 03, 2017 02:46 ET (06:46 GMT)
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