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CONSUMER STAPLES SECTOR
Sainsbury (SBRY LN) trading stmt out (for 16W to 6-Jan-24) which looks relatively muted.
- Grocery is up 9.3% (incl. 8.6% over the 6W Xmas period) so broadly in line with prior quarter figure (of 8.9%). That Xmas figure looks a little light but could be market-wide.
- General merchandise is down 0.6% (all in Argos) with Xmas -3.7% (again Argos weak) which is quite a poor outturn, we fear. Total retail was therefore +6.5% (Xmas: +4.9%) but mgmt does believe Argos performed ahead of peers (so could be a weak Xmas season generally). Clothing recovered relatively well (-1.7% from -14.6% in the prior quarter).
- SBRY had previously guided to profit at the top end of the range of GBP670-700m and is now only saying that it'll be within that range.
SBRY is only a very minor credit name with TSCO being much better traded, Asda & Morrisons are in PE world now, so less visibility on their credit. The most liquid Tesco '25 bond has gradually widened across 4Q23, as has Metro, but is now meaningfully wider than Carrefour, for example.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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