Still sees FY underlying opg 1.010-1.060 bln pounds (Il Sole 24 Ore Radiocor) - London, 02 Jul - The UK retailing group J Sainsbury, which runs the banners Sainsbury's and Argos, said that in the 16 weeks to June 22 total retail sales excluding fuel rose 2.6% and like-for-like sales excluding fuel grew 3.0%.

The company said that it continues to expect a full-year retail underlying operating profit of between 1.010-1.060 billion pounds, up 5-10% year on year, and to generate at least 500 million pounds of retail free cash flow.

Sainsbury said that it commenced a 200 million pound share buyback programme, to be completed in the full year.

It also expects to return at least 250 million pounds to shareholders once the sale of Sainsbury's Bank's core banking business to NatWest has completed and the future model for Argos Financial Services is in place.

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(RADIOCOR) 02-07-24 08:37:50 (0164) 5 NNNN