J Sainsbury PLC (JSNSF) Q2 2024 Earnings Call Transcript

J Sainsbury PLC (OTCQX:JSNSF) Q2 2024 Earnings Conference Call November 2, 2023 5:00 AM ET

Company Participants

Simon Roberts – CEO

Blathnaid Bergin – CFO

Conference Call Participants

Frederick Wild – Jefferies

Andrew Gwynn – BNP Paribas Exane

Izabel Dobreva – Morgan Stanley

James Anstead – Barclays Bank

Clive Black – Shore Capital Group

Nick Coulter – Citigroup

David Roux – Bank of America Merrill Lynch

William Woods – Sanford C. Bernstein & Co.

Sreedhar Mahamkali – UBS

Simon Roberts

Good morning, everyone, and welcome to our ’23-’24 Interim Results Presentation. Thank you for joining us today.

Now, I’m going to start with a brief introduction to cover progress against the priorities we set out 3 years ago in our Food First plan. Blathnaid is here with me, and she will then cover the financials, and then I’ll go into more detail on some of the strategic highlights from the first half.

Now, you will hopefully recognize our 5 priorities that we set out 3 years ago now back in November 2020. Since then, we have talked to you many times about the key pillars of Food First, brands that deliver and Save to Invest, underpinned by being connected to our customers and delivering through our integrated Plan for Better.

Now, we’ve made strong progress, reigniting our passion for food, building resilience in our brands that deliver and making bold choices to reduce our cost base. And this has provided us with the feel to invest in our food offer, improving service, innovation and particularly, value. I’m pleased to say that our relentless focus driving these improvements has delivered, with food now firmly back at the heart of Sainsbury’s. We’re consistently delivering for customers on value, innovation and service and they are noticing.

Now as a result, we’ve seen a significant

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