Money

Sainsbury’s bosses buy into new strategy


A year ago, J Sainsbury’s chief executive Mike Coupe was caught on camera singing “We’re in the money” before a televised interview to talk about a proposed merger with Asda. Last month, the Competition and Markets Authority told him to go whistle.

The CMA decided to block the deal based on competition concerns, making the announcement just days before Sainsbury’s was due to announce its results for the year to March. Management took advantage of the timing, using the results announcement to outline its strategy for growth in a bid to put the failed merger behind it.

The group has introduced commitments to deleveraging, and investment in the store portfolio and digital capabilities in an attempt to spur further growth. To underpin their confidence, Mr Coupe and finance director Kevin O’Byrne both bought a chunk of shares on the day of the results announcements. The share price was marked up on the day, but since then has been sliding steadily downward.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.