John Rogers Chief Financial Officer
Retail Core business impacted by food deflation but other areas continue to grow
Retail Impact of £150m price investment and deflation reduce margins
Retail H1 profitability impacted by £80m of the £150m price investment
Sainsbury’s Bank Good trading performance
Sainsbury’s Bank Complexity of migration has led to a delay
Cost savings Full year savings expected to be £25m ahead of our Prelims guidance
Cost savings Efficiencies delivered whilst maintaining excellent customer service
Items excluded from underlying results Profits realised on mixed-use development schemes
Underlying finance costs Includes perpetual securities coupons
Cash flow and working capital Good retail working capital performance
Retail capital expenditure Year-on-year reduction in line with guidance
Balance sheet We have improved our liquidity position and increased our financial flexibility
Balance sheet Balance sheet continues to be robust
Balance sheet Balance sheet metrics remain stable despite decline in profitability
Mike Coupe Chief Executive
Volumes are improving but food deflation continues to impact the market
Trading environment will remain challenging
Building a better Sainsbury's
Great products and services at fair prices
Great products and services at fair prices
Great products and services at fair prices
Great products and services at fair prices
Great products and services at fair prices
Great products and services at fair prices
Great products and services at fair prices
Great products and services at fair prices
Colleagues making the difference
Colleagues making the difference
We know our customers better than anyone else
Our values make us different