Qatar-backed Sainsbury’s says growth plan working
Doha – Investors bought in to British supermarket chain Sainsbury’s insistence that its strategy is working, lifting its share price by 5 percent on Wednesday despite a sixth straight quarter of declining underlying sales.
Bets against the sector are at record highs, with Sainsbury’s, which is 25.9 percent owned by Qatar, and Morrisons the most shorted stocks on Britain’s benchmark FTSE 100 index amid fierce competition with discount rivals that has contributed to record price deflation.
However, shares in Sainsbury’s, down by a quarter over the past year, jumped by 5 percent in morning trade after Chief Executive Mike Coupe highlighted quarterly volume and transaction growth, driven by the price cuts and investment in product quality and availability that was outlined in November.
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Source News: Qatar Tribune