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

J SAINSBURY PLC

(SBRY)
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Asda's merchandising chief latest executive to quit business

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07/27/2018 | 11:53am EDT
FILE PHOTO: Shopping bags from Asda and Sainsbury's are seen in Manchester.

LONDON (Reuters) - Asda, the British supermarket arm of Walmart that has agreed to be taken over by rival Sainsbury's, said on Friday Jesus Lorente, its chief merchandising officer, was leaving the business.

Lorente's departure comes three weeks after Asda's finance chief, Alex Russo, also quit to take up a role with discount retailer Wilko.

Sainsbury's, Britain's second largest supermarket group, sealed a 7.3 billion pound takeover of Asda, the number three, in April, a combination that could overtake Tesco as Britain's biggest grocery chain.

The deal is currently being probed by Britain's regulator, the Competition and Markets Authority, and if approved is not expected to complete until the second half of 2019.

Carrefour veteran Lorente had been with Asda since 2017.

Asda said his responsibilities will be divided-up. Anthony Hemmerdinger will take on a new role, senior vice president operations, with the grocer's logistics and supply functions reporting into him. The rest of Asda's commercial functions will report directly into Chief Executive Roger Burnley.

Burnley, CEO since January, has overseen a revival in Asda's trading performance.

Asda has reported four straight quarters of underlying sales growth and a fifth is expected when it updates on second quarter trading on Aug. 16.

On Tuesday industry data showed Asda was the best performer of Britain's big four supermarkets, which also includes No. 4 Morrisons, over the last quarter, while Sainsbury's was the laggard.

(Reporting by James Davey, Editing by Paul Sandle/David Evans)


Stocks mentioned in the article
ChangeLast1st jan.
BEST INC. -5.26% 2.88 Delayed Quote.-48.20%
J SAINSBURY PLC 1.21% 208.7 Delayed Quote.-9.22%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
TESCO PLC 1.61% 214.1 Delayed Quote.-16.11%
WALMART INC. 0.21% 143.85 Delayed Quote.21.05%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
WM MORRISON SUPERMARKETS PLC 1.14% 172.75 Delayed Quote.-13.54%
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Financials
Sales 2021 28 897 M 37 676 M 37 676 M
Net income 2021 399 M 520 M 520 M
Net Debt 2021 6 415 M 8 364 M 8 364 M
P/E ratio 2021 12,6x
Yield 2021 4,99%
Capitalization 4 626 M 6 035 M 6 031 M
EV / Sales 2021 0,38x
EV / Sales 2022 0,36x
Nbr of Employees 111 900
Free-Float 96,2%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 231,73 GBX
Last Close Price 208,70 GBX
Spread / Highest target 34,2%
Spread / Average Target 11,0%
Spread / Lowest Target -16,1%
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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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