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Live Well for Less Live Well For Less Annual Report and Financial Statements 2019 Sainsbury’s Group at a glance Helping customers live well for less has been at the heart of what we do for 150 years, since John James and Mary Ann Sainsbury opened the doors of our first shop in Drury Lane in 1869. We employ 178,000 colleagues who work hard every Read more about our business model on page 08 day to make our customers’ lives easier and provide Read more about our business strategy on page 09 them with great products, quality and service. Food We are committed to helping our customers 2.2% live well for less. We offer customers quality Growth in Taste the Difference volumes and convenience as well as great value. Our distinctive ranges and innovative partnerships differentiate our offer. Customers consistently 57% rate the quality of our food as market-leading Of UK households benefit from and continue to switch to us from more Same Day delivery premium competitors. See more on page 10 General Merchandise and Clothing 281 Argos stores in We are one of the largest general merchandise Sainsbury’s supermarkets and clothing retailers in the UK, offering a wide range of products across Argos, Sainsbury’s Home and Habitat, in stores and online. We are a market leader in toys, 1bn+ electricals and technology and Tu clothing Visits to the Argos website offers high street style at supermarket prices. every year and sales generated through mobile devices passed See more on page 12 £2 billion for the first time Financial Services Financial Services are an integral part of our 2m+ business. Sainsbury’s Bank offers accessible Active customers at Sainsbury’s Bank products such as credit cards, insurance, and two million active customers at travel money and personal loans that reward Argos Financial Services loyalty to the Group. Sainsbury’s Bank and Argos Financial Services each have over two million active customers. 45% Of Argos Card balance payments See more on page 14 made via our app last year Cover images ©The Sainsbury Archive, Museum of London Docklands Strategic Report 01 Performance highlights Strategic Report Strategic Report 01 Contents page 02 Chairman’s letter 04 Chief Executive’s Q&A £32,412m £635m 06 Market context Group sales (inc VAT), up Underlying profit before tax, 08 Our business model 09 Our business strategy 2.1 per cent up 7.8 per cent 10 Priority 1: Differentiate food and grocery through quality, value and service 12 Priority 2: Grow General Merchandise and Clothing 14 Priority 3: Offer our customers (0.2)% 11.0p easy access to financial services Group like-for-like sales Proposed full-year dividend, 15 Priority 4: Generate efficiencies to invest up 7.8 per cent in our digital future Governance Report 17 Priority 5: Strengthen the balance sheet 18 Our values make us different 28 Our KPIs 30 Our principal risks and uncertainties 22.0p 9.1p 38 Financial Review Underlying basic earnings Basic earnings per share, per share, up 7.8 per cent down 31.6 per cent Governance Report 44 Board of Directors 46 Operating Board 48 Corporate Governance 58 Nomination Committee Report £239m 8.5% 60 Audit Committee Report Statutory profit before tax, Return on capital employed 68 Corporate Responsibility and down 41.6 per cent Sustainability Committee Report Financial Statements 70 Annual Statement from the Remuneration Committee Chair 74 Annual Report on Remuneration 94% 35% 86 Additional statutory information Of stores partnered with local Absolute reduction in carbon charities, up from 91 per cent emissions against our 2005 Financial Statements baseline, achieving our 2020 90 Statement of Directors’ Responsibilities target early 91 Independent auditor’s report to the members of J Sainsbury plc 96 Consolidated Financial Statements 101 Notes to the Consolidated Financial Statements Read more about our financial KPIs on page 28 106 Income Statement Notes 118 Financial Position Notes 150 Cash Flow Notes 153 Employee Remuneration Notes Non-financial information statement 163 Additional Disclosures We are pleased to set out below where you can find information relating to 173 Company Financial Statements non-financial matters in our Strategic Report, as required under sections 414CA 175 Notes to the Company Financial Statements and 414CB of the Companies Act 2006. 181 Additional shareholder information 185 Alternative performance measures Where to find the information in the 188 Glossary Matter Annual Report Page Environmental matters Sourcing with integrity 22 and 23 Respect for our environment 24 and 25 Colleagues Great place to work 26 and 27 Social matters Living healthier lives 20 Making a positive difference 21 to our community Sourcing with integrity 22 and 23 Human rights Sourcing with integrity 22 and 23 Great place to work 26 and 27 Anti-corruption and Great place to work 26 anti-bribery Reference to our policies, due diligence processes and information on how we are performing on various measures in these areas are contained throughout the Strategic Report. Information on our principal risks and uncertainties can be found on pages 30 to 36, information on our non-financial key performance indicators can be found on page 29 and a description of our business model can Find out more at be found on page 08. www.about.sainsburys.co.uk/ar2019 02 Strategic Report J Sainsbury plc Annual Report 2019 Chairman’s letter 2018/19 highlights Chairman Martin Scicluna sets out how 11.0p 8.5% we plan to deliver on our strategy and grow Proposed full-year dividend Return on capital employed value for shareholders. 22.0p £461m Underlying basic Free cash flow earnings per share I joined the Sainsbury’s Board in the knowledge that it is a highly respected, values-driven business, known for quality, value and customer service. Sainsbury’s has a long and distinguished heritage and I’m delighted to have become Chairman during the Company’s 150th anniversary year. The retail market remains highly competitive. We have the right strategy in place and a clear plan for the year ahead. Combined with committed, hard-working colleagues led by a talented, experienced leadership team, I believe we are well placed for the future.” Martin Scicluna Chairman Strategic Report J Sainsbury plc Annual Report 2019 03 Joining the Board We have an excellent store estate in great Our values are integral to our business and Strategic Report I joined Sainsbury’s Board as Chairman locations and will invest in over 800 I am delighted that we are celebrating our Designate in November 2018 and took over supermarkets and convenience stores this 150th year by introducing a volunteering as Chairman of Sainsbury’s Group in March year, rolling out our beauty concept, wellness scheme that builds on our heritage, enabling 2019. I did so in the knowledge that I was aisles, food to go and integrated general our colleagues to make a real difference in joining a highly respected, values-driven merchandise and clothing sections. their local communities. business, known for quality, value and £4.7 billion of our sales are generated customer service. Sainsbury’s has a long Board changes through our digital channels and we will and distinguished heritage and I’m delighted I would like to thank David Tyler for his invest more in technology to make shopping to have become Chairman during the significant contribution to the business and across Sainsbury’s, Argos and Sainsbury’s Company’s 150th anniversary year. for his leadership of the Board during his Bank as easy and seamless as possible. time as Chairman. I am also personally I have spent my first few months learning as Integrating Nectar more fully into the grateful for the smooth transition he ensured much as I can about the business by visiting business also supports our strategy of for me when I joined the Board as Chairman Governance Report stores, distribution centres and store support knowing our customers better than Designate. I look forward to leading our centres around the country. In talking to anyone else. strong and diverse Board, with its mix of colleagues at all levels of the business, as skills, gender and ethnicity. We are delivering on our strategic objective well as to suppliers and other key industry to grow the proportion of secured lending stakeholders, I have been struck by a We appointed Clodagh Moriarty to the on Sainsbury’s Bank’s balance sheet and to number of things. Operating Board in June to lead the Group’s reduce regulatory capital requirements. digital strategy, ensuring customers have an Firstly, that in Sainsbury’s, Argos and integrated and seamless digital experience In a very competitive market, we have Sainsbury’s Bank, we have three of the most across Sainsbury’s, Argos, Sainsbury’s Bank increased underlying profits to £635 million, trusted brands in UK retail. We offer and Nectar. growing underlying earnings per share by customers strong, distinctive ranges of high 7.8 per cent to 22.0 pence per share. quality food, clothing, general merchandise Dividend and financial services, available through We have announced a number of steps we In line with our policy of paying a dividend convenient, well-established channels and are taking to grow value for our shareholders. that is covered 2.0 times by underlying Financial Statements with home delivery and Click & Collect. We will continue to strengthen our balance earnings, we propose to pay a final dividend sheet and reduce net debt significantly of 7.9 pence per share, bringing our full-year I have also been hugely impressed by the and improve free cash flow over the next dividend to 11.0 pence per share, an increase enthusiasm and commitment of our three years.
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