Sainsbury's have refused to rule out job cuts amid a £1b cutback over the next three years.

The cost-cutting plan will see the grocer use more automated tills, warehouse robots as well as artificial intelligence (AI) to ensure it has the right stock.

Chief executive Simon Roberts made no announcement on redundancies, but refused to rule out job cuts.

The retailers Nectar loyalty scheme is expected to be expanded, adding £100m to its profits over three years, up from a target of £90m over four years.

Sainsbury's will also launch a £200m buyback scheme, however it's reported that one of the company's five major shareholders (who has remained anonymous) is opposed to the plan.

Sales increased at the grocer by 7.4% in the 16 weeks to January 6, compared with the same period last year, while it maintains a 15.% share of Britain's food market.

Chief executive Roberts said: "While I’m proud of the progress we’ve made to date, we’re only just at the beginning of rediscovering quite what this business is capable of.

"By taking Sainsbury’s to the next level, delivering for customers and colleagues, we will also deliver enhanced returns for shareholders through a share buyback and committing to a progressive dividend."


The UK's flagship share index, the FTSE 100, was up 11-points at 7,640 shortly after opening this morning.

Brent crude oil futures was up 0.42% today, trading at $79.54 a barrel.

Companies reporting today

  • Anglo American - Q4 Production Report
  • AstraZeneca - Q4 Results
  • British American Tobacco - Full Year Results
  • Compass Group - Q1 Trading Statement
  • PayPal - Q4 Results
  • SSE - Q3 Trading Statement
  • Syncona - Q3 Results
  • Unilever - Full Year Results
  • Watches of Switzerland - Q3 Trading Statement

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