J Sainsbury posts 6.8 percent rise in H1 clothing sales

J Sainsbury Group sales of 16,310 million pounds (21,446 million dollars), increased 17 percent for the 28 weeks to September 23, 2017, which the company said, primarily reflected the full consolidation of Argos in H1 2017/18. The company’s like-for-like sales for the period rose 1.6 percent. Clothing sales improved 6.8 percent for the six month period.

Commenting on the interim results, Mike Coupe, Group Chief Executive of J Sainsbury, said in a media statement: "We have delivered a good performance across the group in the last six months. We are rolling out Click & Collect for Argos and Tuclothing to 100 Sainsbury’s locals. We are on track to deliver our 160 million pounds (210 million dollars) EBITDA synergy target from the Argos acquisition six months ahead of schedule.

Underlying profit before tax of 251 million pounds (329 million dollars) was down 9 percent. Underlying earnings per share were down 22 percent. The company announced an interim dividend of 3.1 pence per share in line with policy of paying 30 percent of prior full year dividend.

“General Merchandise and Clothing both outperformed the market and grew market share. We have exceeded our cost savings target as a group, saving 100 million pounds (131 million dollars) this half,” added Coupe.

Picture:Facebook/Tu Clothing