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J Sainsbury FY Profit Down

J Sainsbury plc (SBRY.L) reported that its profit after tax for the 52 weeks to 9 March 2019 was 219 million pounds or 8.9 pence per share, down from 309 million pounds or 12.7 pence per share last year, due to non-underlying charges relating to legislation on Guaranteed Minimum Pensions; retail restructuring; Sainsbury's Bank transition; Asda transaction and Argos integration.

Underlying profit before tax was 635 million pounds, up 7.8 per cent, driven by solid food performance, delivery of 160 million pounds Argos synergies nine months ahead of schedule and reduced interest costs.

Underlying earnings per share increased to 20.3 pence from 19.1 pence in the previous year.

Revenue grew to 29.01 billion pounds from 28.46 billion pounds last year.

The Board has recommended a final dividend of 7.9 pence per share, compared to 7.1 pence paid last year. This will be paid on 12 July 2019 to shareholders on the Register of Members at the close of business on 7 June 2019.

The company noted that retail markets are highly competitive and very promotional and the consumer outlook continues to be uncertain. However, it is well placed to navigate the external environment and remain focused on delivering strategy.

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