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

J SAINSBURY PLC

(SBRY)
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Lewis checks out at Britain's Tesco, leaving challenges for new CEO

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09/29/2020 | 08:57am EDT
FILE PHOTO: Dave Lewis, Tesco CEO, speaks at the the British Chamber of Commerce annual conference in London

Dave Lewis steps down on Wednesday after six years as Tesco chief executive, during which he got Britain's biggest retailer back on track after an accounting crisis, leaving new challenges for his successor Ken Murphy.

Murphy, 53, who was formerly at healthcare group Walgreens Boots Alliance, faces the long-term impact of the coronavirus crisis, a recession and possible disruption when Britain's Brexit transition period finishes at the end of 2020.

Tesco was on its knees shortly after former Unilever executive Lewis, 55, joined in 2014 when an accounting scandal knocked millions off its profits and billions off its share price.

But by October last year, Lewis declared Tesco's turnaround complete, its position as clear market leader among Britain's supermarket groups reinforced.

Lewis received a total pay package of 6.4 million pounds ($8.2 million) in 2019-20.

Murphy, an Irishman who is taking on his highest profile business role, starts as Britain's supermarkets have seen grocery sales boosted by the pandemic, both in stores and online, but have also seen a big increase in costs.

There are also fears that the pandemic-induced recession will spark a margin damaging price war.

After Lewis sold Tesco's businesses in Thailand and Malaysia, and in Poland, Murphy will have to decide the future of its central European division, with stores in the Czech Republic, Hungary and Slovakia, its only remaining overseas supermarket operations apart from Ireland.

A week after Murphy starts, analysts expect Tesco to report second quarter UK like-for-like sales growth similar to the first quarter's 8.7%, but anticipate increased costs will drag down core earnings.

Murphy's appointment at Tesco follows Simon Roberts taking over as CEO at arch rival Sainsbury's in June. It means that Britain's two biggest supermarket groups will be run by Boots alumni, who know each other well.

($1 = 0.7772 pounds)

By James Davey


Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.03% 0.9077 Delayed Quote.7.35%
J SAINSBURY PLC -0.14% 207.2 Delayed Quote.-9.70%
TESCO PLC -0.58% 211.1 Delayed Quote.-16.81%
UNILEVER PLC -0.15% 4641 Delayed Quote.6.79%
WALGREENS BOOTS ALLIANCE, INC. -2.18% 37.21 Delayed Quote.-36.89%
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Financials
Sales 2021 28 943 M 37 704 M 37 704 M
Net income 2021 401 M 523 M 523 M
Net Debt 2021 6 412 M 8 352 M 8 352 M
P/E ratio 2021 12,5x
Yield 2021 5,22%
Capitalization 4 601 M 5 989 M 5 994 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 232,07 GBX
Last Close Price 208,70 GBX
Spread / Highest target 34,2%
Spread / Average Target 11,2%
Spread / Lowest Target -13,8%
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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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