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Sainsbury Slashes Price of Eggs As Sales Fall.

Sainsbury J. SBRY When a major supermarket group has to describe a 0.8% fall in like for like retail sales excluding fuel,  as a solid start to the year, then you know that the industry’s problems are massive and that this particular company and its management  are troubled.  But it has permanently slashed the price of eggs in an attempt to win back market share. Total retail sales for the 12 weeks to 4th June rose by 0.3%.

With Walmart about to start a major price war in its attempts to save ASDA and beat off Lidl, the future looks bleak for all UK supermarkets.

Domino’s Pizza DOM  has gone on the takeover path with the acquisition of a 49% stake in Domino’s Iceland and 45% in Domino’s in Sweden and Norway. Local management is described as strong and will be retained whilst the deal is expected to be income enhancing in 2017. Domino’s has the right to acquire all the remaining shares in the three groups between 2020 and 2023

Sanderson Group SND
is raising its interim dividend by 11% as confidence is boosted by a continued improvement in the general economic environment and by a very strong order book.  Revenue for the 6 months to 31st March rose by 8% and basic earnings per share by 13%. The order book jumped from £2.35m at 30th September 2015 to £3.2m at the end of March.

Workspace Group WKP Claims a very strong financial performance for the year to the end of March, driven by both income and capital growth. Preliminary results show an 8.7% rise in profit before tax and and a proposed 25% increase in the final dividend. Like for like rent per sq. ft rose by 16.4%, leading to a rise of over 28% in net rental income.  The underlying property valuation is up by 20.9%. Net occupancy is down slightly to 90.7%

After repeated promises from ASDA boss Andy Clark that he was here to stay, ASDA has announced that he is in fact stepping down. ASDA owner Walmart has got fed up of ASDA’s poor performance impacting its profits and leading it into a situation where annualised losses exceed £1 billion. The price war to come is expected to create havoc amongst the UKs major supermarket groups, with Sainsbury likely to be one of the two main victims.

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