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Sainsbury J. SBRY has had to admit that during its second quarter to the 24th September, it has, because of price deflation, had to sell more to earn less. Despite like for like transaction and volume growth, like for like retail sales were down by 1.1% and total retail sales by 0.4%. As for the future, it expects to continue to outperform it competitors. The amazing thing about todays trading statement is that it appears to be such a struggle for Sainsburys to find meaningful good news that it is reduced to giving space to permanent price reductions in items such as broccoli and onions. Are things really that bad ?
Stagecoach Group SGC has suffered from weakening UK economic conditions over the past four months and regional bus passenger numbers have been weaker than seen in recent years. Like for like revenue per mile fell by 0.5%. In London the number of contracts with Transport for London was reduced. UK rail and Virgin rail fared better but still suffered from a reduced rate of growth. Problems in North America were even more serious with a 3.3% revenue decline over four months which included a startling 10.1% fall in Megabus revenue.
TUI ag. TUI seems to be showing a clean pair of heels to Thomas Cook and is confident of delivering 12 – 13% growth for the year to the end of September with strong sustained performances from the UK and Cruises. UK revenue and bookings both showed a rise of 5%. Winter revenue is up by 11% and bookings by 5% helped by further strength in the UK which shows revenue up by 29% and bookings by 22% compared to actual falls in both the Nordiscs and Germany.
Moss Bros. MOSB traded strongly during the 6 months to 31st July with pre tax profits surging by 30% and the interim dividend increased by 6.1% to 1,91p per share. Like for like sales rose by 4.9% on top of which retail gross margins were up by 3.3%. the company expects further good progress in the second half
Clinigen CLIN is increasing its annual dividends by 18% after what it describes as a transformational year in which adjusted gross profit grew by 90%, EBITDA by 73% and earnings per share by 25%. Clinigen claims that it has now become market leader in the management and supply of both unlicenced and clinical trial medicines.