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On Wednesday, J Sainsbury PLC (LSE:SBRY.L) reported its first quarter earnings and discussed the following topics in its earnings conference call. Take a look.
Andrew Kasoulis – Credit Suisse: I’ve got a question on guidance. You are guiding 2% like-for-like for the full year, which now, I guess, implies a small acceleration Q2 to Q4. Are you still happy with that 2% guidance? Similarly, are you happy – presumably you are with all the other components of your guidance that you set at the start of the year as well?
John Rogers – CFO: Andrew, it’s John here. We are very happy with the 2% guidance. The 1.4% that we reported today was bang in line with expectations. So very comfortable with the 2% guidance for the full year. Yeah, you’re right the highlighted all the guidance that we gave at the prelims holds true today.
Gillian Rob – Morgan Stanley: I just had a couple of questions on online. So, you talk about having growing 20% year-on-year, and I was wondering that’s maybe food driven or has the strong general merchandise and performance also translated in online. Do you think you are taking share in online growth or is it just that the market is growing very strongly?
Justin King – Chief Executive: Well, it is mainly food driven because our online business is mainly food. So – well over 90% of our online business is food. So it can only be growing strongly if the food is. Yes, we are taking market share. Of course, we haven’t seen the very latest market data, but the market data that we’ve seen today shows us not just that we are taking share, but we are the fastest growing grocery online business. So we believe that will continue to be the case when we see the latest data, but well ahead of 20% and well you know from the figures others that others have quoted, that’s a significant beat to what most others are achieving.
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