British supermarket Sainsbury's says 3,500 jobs at risk in restructuring
[LONDON] British supermarket group Sainsbury's said on Thursday it could cut 3,500 jobs in a restructuring that will see in-store meat, fish and deli counters as well as 420 standalone Argos general merchandise stores close.
The group reported a loss before tax of £137 million (S$242.3 million) for the 28 weeks to Sept 19, reflecting £438 million of one-off costs associated with the Argos store closures and other strategic and market changes introduced by new chief executive Simon Roberts.
He plans to refocus on Sainsbury's core food business, lowering prices, accelerating food innovation and growing online grocery services.
Underlying pretax profit was £301 million - ahead of analysts' average forecast of £275 million and £238 million made in the same period last year.
Strong sales during the Covid-19 pandemic outweighed the extra costs and losses at its bank.
REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
China bubble-tea chain Chabaidao plunges on Hong Kong debut
Japan’s 7-Eleven convenience chain targets aggressive global growth
Parental fury after stem cell bank ruins thousands of samples in Singapore
China’s bubble tea boom creates a half-dozen billionaires
US sues to block Coach owner’s US$8.5 billion buyout of Versace parent
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO