Final proceeds on Homebase

Sainsbury(J) PLC
21 November 2002


                       J SAINSBURY SELLS SHAREHOLDING IN HOMEBASE


J Sainsbury plc is pleased to announce that it has agreed to sell its 17.3%
fully diluted equity stake in Homebase to GUS plc as part of GUS's acquisition
of Homebase from the private equity firm, Permira.  When Sainsbury's sold
Homebase to Permira in March 2001 it retained this equity shareholding and
received vendor loan notes as part of the consideration.


Sainsbury's will receive around £139m on closing comprising the consideration
for its equity stake and redemption of its outstanding loan notes.  This will
bring the total proceeds arising from its sale of Homebase to more than £1
billion.  This transaction will result in an exceptional profit for the current
year exceeding £50m.


For enquiries:

Investor Relations [phone]           Media  [phone]
Lynda Ashton                                      Jan Shawe
                                                  Pip Wood


                      This information is provided by RNS
            The company news service from the London Stock Exchange