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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  J Sainsbury plc    SBRY   GB00B019KW72

J SAINSBURY PLC

(SBRY)
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No apology required - Sainsbury's chairman defends former CEO's record

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07/02/2020 | 07:34am EDT
Coupe, CEO of Sainsbury's and Scicluna, Chairman of Sainsbury's, pose for a portrait at the company headquarters in London

By James Davey

The chairman of Sainsbury's on Thursday defended the six-year tenure of former chief executive Mike Coupe after an investor at the supermarket group's annual meeting asked if he would say sorry for its share price performance under his leadership.

Coupe stepped down as CEO on May 31 and was succeeded by retail and operations director Simon Roberts. Coupe retired as a director at the conclusion of the meeting, which was held virtually due to the coronavirus crisis.

When Coupe succeeded Justin King as CEO in July 2014 Sainsbury's share price was 309 pence. It closed on May 29, the last working day before he stepped down, at 194 pence.

"In common with other UK grocery businesses, total shareholder return (TSR) for Sainsbury's has trended below that of the FTSE 100 index in recent years," said Chairman Martin Scicluna.

"However, if you look at our track record over the last seven years our TSR has been above that of (market leader)Tesco's," he said.

Scicluna also noted that the board had deferred any dividend decisions until later in the financial year due to the pandemic which had impacted TSR.

Last year, Coupe's attempt to take over Walmart owned rival Asda was thwarted by Britain's competition regulator.

The same shareholder also asked what measures Roberts would introduce "to make Sainsbury's great again."

Scicluna said Roberts was following the plan Sainsbury's set out to investors at its Capital Markets Day last September but his current priority was to navigate the crisis.

"I'm sure there are things that we'll be doing differently as we come out of this crisis and our focus is ensuring we emerge a stronger business."

On Wednesday, Sainsbury's said sales soared in its latest quarter when Britain was in lockdown but cautioned that it expected flat annual profits due to extra costs related to the pandemic.

(Reporting by James Davey; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
J SAINSBURY PLC -0.78% 189.85 Delayed Quote.-16.77%
RSA INSURANCE GROUP PLC -0.80% 448.2 Delayed Quote.-20.12%
SET -1.46% 1327.05 Real-time Quote.-14.76%
TESCO PLC -0.39% 228 Delayed Quote.-10.31%
TSR, INC. 7.71% 4.61 Delayed Quote.0.00%
WALMART INC. 0.57% 132.6 Delayed Quote.10.95%
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Financials
Sales 2021 28 761 M 37 648 M 37 648 M
Net income 2021 411 M 538 M 538 M
Net Debt 2021 6 529 M 8 547 M 8 547 M
P/E ratio 2021 11,2x
Yield 2021 5,43%
Capitalization 4 207 M 5 513 M 5 507 M
EV / Sales 2021 0,37x
EV / Sales 2022 0,35x
Nbr of Employees 111 900
Free-Float 99,3%
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Technical analysis trends J SAINSBURY PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 230,94 GBX
Last Close Price 1,90 GBX
Spread / Highest target 14 648%
Spread / Average Target 12 064%
Spread / Lowest Target 9 118%
EPS Revisions
Managers
NameTitle
Simon John Roberts Chief Executive Officer & Director
Martin A. Scicluna Chairman
Kevin O'Byrne Chief Financial Officer & Director
Richard Philip Newsome Chief Technology Officer
Phil Jordan Group Chief Information Officer
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