Sainsburys continues to consider international expansion

Sainsbury's continues to consider international expansion

Sainsbury's, the UK retailer, today (14 July) reaffirmed plans to study possible overseas expansion.

The company, which held its AGM in London today, again insisted it would look at the potential of expanding outside the UK.

Responding to shareholder questions about Sainsbury's plans for international markets, chairman David Tyler said the retailer would assess whether to invest overseas.

"Our biggest opportunity to drive Sainsbury's forward is right here in the UK. We've got huge opportunities for growth," Tyler said.

"But we should, a little bit further over the horizon, think about where there are opportunities outside the UK."

Sainsbury's AGM was held just hours before rival UK retailer Marks and Spencer held its annual shareholders meeting.

However, Sainsbury's heard few complaints about the remuneration awarded to its board, including chief executive Justin King.

Ahead of the M&S AGM, investors in that company had been vocal about the pay awarded to new chief executive Marc Bolland. 

Nevertheless, one Sainsbury's shareholder, referring to pressure on pay in the wider economy, accused the retailer's remuneration committee of "not knowing the meaning of pay restraint".

However, Sainsbury's boss King won support from another investor, who suggested he had "earned every penny" of his bonus.

Sainsbury's has yet to publish the full results of votes on its resolutions, including on its remuneration report. However, around 98% of those who voted by proxy backed the report.