Interim Results for the 28 weeks to 24 September 2016
Delivering against strategy, with a strong platform for growth
Like-for-like transaction growth across all channels and total volume growth
Differentiated food proposition offering customers market-leading choice, quality and value
General Merchandise sales growth of nearly five per cent
Clothing sales growth of nearly one per cent in a challenging market
Acquisition of Home Retail Group plc ('HRG') accelerates our strategy:
o c.250 Argos digital stores in supermarkets over the next three years
o 30 Argos digital stores and 200 digital collection points in supermarkets by Christmas
o Confident of delivering £160 million synergy target over three years
On track to deliver £500m cost savings target by 2017/18
New three-year £500m cost savings target from 2018/19
Net debt reduced by £485 million from March 2016 to £1.3 billion(1)
Interim dividend of 3.6 pence per share
New Sainsbury's Group provides a strong platform for growth, with four key priorities:
o Further enhance our differentiated food proposition
o Grow Clothing and General Merchandise and deliver synergies by integrating Argos
o Diversify and grow Sainsbury's Bank
o Continue cost savings and maintain balance sheet strength
