Sainsbury’s profit plummets after spending £46m on failed Asda merger May 1, 2019 Sainsbury’s profits tumbled 42 per cent last year as the supermarket giant spent £46m on its failed merger with Asda, it revealed this morning. Read more: Watchdog kills Sainsbury's-Asda merger: What went wrong? The supermarket suffered a body blow last week when the Competition and Markets Authority (CMA) banned the proposed merger “in its entirety”, a [...]
City lookahead: Analysts forecasting drop in sales at Sainsbury’s June 30, 2019 Sainsbury’s is expected to reveal a dip in sales when it posts its quarterly results later this week, as a spell of poor weather and an increasingly competitive retail market weighs on the supermarket giant. The grocery chain is forecasted to post no improvement in its sales on Wednesday, underlining the firm’s current challenges in [...]
Competition regulator blocks Sainsbury’s-Asda merger April 25, 2019 A planned tie-up between supermarket giants Sainsbury’s and Asda suffered a final blow from the UK’s competition watchdog, which said this morning that "it has decided to prohibit the merger in its entirety". Read more: Watchdog may block Sainsbury's-Asda merger Sainsbury’s, Walmart and Asda revealed today that they have mutually agreed to terminate the merger plans [...]
Is it time for Mike Coupe to check out as Sainsbury’s boss? May 1, 2019 Mike Coupe was met with rapturous applause from his fellow directors when he stepped up to the microphone this morning, as he hailed the coming of an era in Sainsbury’s history that would see it thrive having merged with long-time rival, Asda. Coupe spoke boldly about price cuts and cost savings, and finished with a [...]
Sainsbury’s plans local supermarket expansion as it quits mortgage market September 25, 2019 Around 110 new Sainsbury’s Local stores will open up across the country, the supermarket announced today as it closed a swathe of stores and pulled out of the mortgage market. Weeks after reports emerged of a major shake up at Sainsbury’s Bank, the store confirmed that it would immediately stop new mortgage sales. It is [...]
Challenger bank Monzo launches loans August 15, 2019 Challenger bank Monzo rolled out a range of new loans today, as the digital bank ramps up its efforts to compete with its larger rivals on the high street. The app-based group will charge interest rates starting at 3.7 per cent for loans higher than £7,500, climbing to a maximum of 24 per cent for [...]
Asda sales dip on Easter timing as IPO interest mounts May 16, 2019 Asda reported a fall in like-for-like sales today following the later timing of Easter, amid growing City speculation over a possible floatation for the Walmart-owned grocery giant. Like-for-like sales at the group tumbled 1.1 per cent as a result of the holiday shift in the three months to the end of March, Walmart said today, [...]
The rise of the vegans: Where to get your plant-based meat this January January 14, 2020 Whether you’re flexitarian, vegetarian, vegan or something in between, you’ll want to sample these meatless marvels. Now available everywhere. Greggs Vegan Steak Bake The rampant veganisation of Greggs continues apace with the lauch of a plant-based alternative to its most popular menu item. The vegan steak bake employs Quorn chunks in a rich onion gravy, [...]
Big Four supermarkets stall amid fast rise of Aldi and Lidl May 29, 2019 The UK’s Big Four supermarkets all failed to post a rise in sales during the last quarter as they battled it out with the German discounters to keep their market share in an increasingly competitive landscape. While Tesco’s overall sales were flat in the 12 weeks to 19 May, its performance trumped the likes of [...]
What’s gone wrong at Sainsbury’s? Three problems the supermarket must address July 3, 2019 It has been several months now since the Mike Coupe’s dreams of a merger with Asda were dealt a lethal blow from Britain’s competition watchdog, but how much has changed? Directors at the supermarket chain have been setting out a plan to cut costs, slash debt and refurbish 400 stores. Yet investors will likely have [...]