The Sainsbury family, which controls 38% of the equity of UK supermarket group J Sainsbury, is reported to have given its support to chief executive Peter Davis, despite the company’s latest lacklustre performance.
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Last week Sainsbury’s posted a 0.2% slide in second-quarter like-for-like sales as it failed to take advantage of the hot summer weather, which boosted sales at other retailers, including Tesco and Morrisons.
Davis attributed the poor performance to disruption due to its business transformation programme, which involves new IT infrastructure, new supply chain and modernised stores.
The Sainsbury family has indicated it continues to support Davis’ business transformation programme, which is due to be completed by March 2004, reported the Guardian
Some investors have, however, voiced their beliefs that Davis must deliver a big improvement in the company’s performance if he is to remain as chief executive in the long term, the newspaper said.
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