(J Sainsbury 1Q 2021 Sales Boosted by E-Commerce, Grocery. "J Sainsbury 1Q 2020 Sales Boosted by E-Commerce, Grocery," at 0622 GMT and associated headlines between 0600 GMT and 0607 GMT, incorrectly said the period is 1Q 2020. The correct period is 1Q 2021. The correct version follows:)
J Sainsbury PLC said Wednesday that its total retail sales excluding fuel rose in the first quarter of fiscal 2021, boosted by strong growth in e-commerce and in the grocery and general merchandise segments.
The British grocer said total retail sales excluding fuel rose 8.5% on the year during the 16 weeks to June 27, compared with a 1.2% decline in the year-earlier period. On a like-for-like basis, total retail sales excluding fuel increased 8.2% year-on-year.
"Sales growth has remained strong throughout the first quarter, ahead of the base case assumptions we detailed in April," J Sainsbury said.
The company's grocery division jumped the highest and reported 11% growth. Sales at the general merchandise business jumped 7.2%, while the clothing segment saw a 27% decline.
Overall, online sales more than doubled in the quarter, the grocer said.
J Sainsbury said it expects 500 million pounds ($620.1 million) hit from the pandemic on profits but added that this would be broadly offset by business rates relief and strong trading.
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July 01, 2020 at 03:25PM
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Correct: J Sainsbury sales boosted by e-commerce - MarketWatch
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