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21/11/2001
Sainsbury’s recovery plan leads to profits increase
Supermarket giant Sainsbury’s has reported a profit increase for the April to October period, indicating that the presence of Sir Peter Davis at the helm of the company is beginning to pay off.
The company – one of the UK’s largest retailers – revealed a rise of 3.2 per cent in profits despite a recent programme of nationwide refurbishment which saw many stores temporarily closed for long periods of time.
Sir Peter Davis joined the company as chief executive early last year, when the firm was experiencing a period of uncertain economic fortune, having been overtaken by Tesco as the UK’s most successful retailer. Sainsbury’s had also come under criticism for failing to update its image – and product ranges - in line with the fast-changing demands of customers.
New of a profit increase indicates that the three-year recovery plan, initiated by Sir Peter on his arrival at Sainsbury’s, is beginning to pay off. Responding to the figures, he added: “I don’t think any of us would, this time last year, have thought that in only a year we could have said that sales are running at a record level and profits are back up again.”
As part of its plan to recapture the number one position, Sainsbury’s has been focusing on its internet retail operation with ongoing extensive investment into its online services.
Despite Sainsbury’s commitment to reduce its operating costs by £150 million during 2001, a programme of active price-cutting is also on the cards in the run-up to the Christmas period. (CL)
The company – one of the UK’s largest retailers – revealed a rise of 3.2 per cent in profits despite a recent programme of nationwide refurbishment which saw many stores temporarily closed for long periods of time.
Sir Peter Davis joined the company as chief executive early last year, when the firm was experiencing a period of uncertain economic fortune, having been overtaken by Tesco as the UK’s most successful retailer. Sainsbury’s had also come under criticism for failing to update its image – and product ranges - in line with the fast-changing demands of customers.
New of a profit increase indicates that the three-year recovery plan, initiated by Sir Peter on his arrival at Sainsbury’s, is beginning to pay off. Responding to the figures, he added: “I don’t think any of us would, this time last year, have thought that in only a year we could have said that sales are running at a record level and profits are back up again.”
As part of its plan to recapture the number one position, Sainsbury’s has been focusing on its internet retail operation with ongoing extensive investment into its online services.
Despite Sainsbury’s commitment to reduce its operating costs by £150 million during 2001, a programme of active price-cutting is also on the cards in the run-up to the Christmas period. (CL)
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