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Reuters, LONDON, July 6 – Sainsbury’s (SBRY.L) CEO said on Tuesday that he is more concerned with executing the British supermarket group’s plan than with the buyout frenzy that has engulfed the sector. Sainsbury’s stock has risen 24 percent so far this year, boosted by bid rumours. This began in April when Czech billionaire Daniel Kretinsky increased his position in Sainsbury’s to just under 10%, and has been fueled in recent weeks by a bidding war for Morrisons (MRW.L). find out more When asked if the Sainsbury’s board of directors had received any takeover offers, Roberts replied, “If we had something to update on, we’d be updating on it, therefore we’ve nothing to update you on.” He stated, “I’m not going to guess on where things are in the broader sector.” “We’re laser-focused on our strategy. In November, we lay forth a (strategic) plan to produce genuine improvements for our clients while also increasing the value we can create for our shareholders.” Sainsbury’s current quarter saw better-than-expected trading, and the company’s full-year earnings projection was lifted, according to Roberts. Sainsbury’s, which trails market leader Tesco (TSCO.L) in annual sales, reported a 1.6 percent increase in like-for-like sales, excluding fuel, in the 16 weeks ending June 26. This was more than the analysts’ average projection of a 1.7 percent drop, and contrasted to an 11.3 percent increase in the previous quarter. find out more The dramatic drop in growth was a stark contrast to the same quarter last year, when people stockpiled up for the first COVID-19 lockdown. Throughout the quarter, Sainsbury’s reported that groceries, general store, and clothes sales all exceeded forecasts. It claimed to have outperformed rivals and increased market share. It said it expects more difficult comparison data when pandemic restrictions lift and customer behavior returns to normal. In the 2021-22 fiscal year, Sainsbury’s expects an underlying pretax profit of at least 660 million pounds ($917 million), up from earlier expectations of around 620 million pounds and 356 million pounds in 2020-21. At 0807 GMT, Sainsbury’s shares were up 0.3 percent. James Davey contributed reporting, and Michael Holden, Kate Holton, and David Evans edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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