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Sainsbury Conf Call: Expectations Talked Down

CONSUMER STAPLES SECTOR

Sainsbury (SBRY LN)... conf call ongoing and sounds like company talking down expectations.


  1. Mgmt clear that this was a tough Xmas, esp against what it views as an exceptional Xmas-22 comparator.
  2. Also noted tough times in financial services... neither of these are positive noises for Tesco (the other UK supermarket with a significant FS business).
Tesco cash bonds still trading flat/tighter right now, equity is 1% lower.

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