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Full Year 2020 J Sainsbury PLC Earnings Call Transcript
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Good morning, everyone, and thank you for joining Mike and I for our preliminary results presentation for the year to March 2020. We hope you're all keeping well and safe just now. And we're clearly in very unusual times, and therefore, we will run the agenda slightly differently today.
Firstly, I'll run through the financial results. Mike will also give some brief words on the past year, and then cover COVID-19 and the outlook, as clearly COVID-19 has significant bearing on that.
For those listening on the morning of our results, we're running a Q&A session separate from this at 9:30 a.m., and for anyone listening later, the recording of the Q&A session will follow on at the end of this presentation.
Turning to the headline numbers. Sales were broadly flat with Grocery and Clothing growth, offset by declines in General Merchandise. Retail profits were down 4% year-on-year, reflecting tough comparatives and marketing investment in the first half, General Merchandise
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