The FTSE 100 opens at 8am. Companies with reports and trading updates today include Sainsbury’s, Barratt Developments, Redrow, PZ Cussons and Grainger. Read the Business Live blog from Wednesday February 7 below.
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Sainsbury’s eyes £1 billion in savings
Sainsbury’s has set a new cost savings target of £1 billion over three years, allowing the supermarket group to finance both better prices and higher wages for its employees.
In addition to the strategy, the group has also committed to a progressive dividend policy from the start of the year 2024/25 and the start of a share buyback programme, which will see £200 million of share capital to be bought back in 2024/25.
CEO Simon Roberts said: ‘Our Food First strategy has delivered on its promise over the past three years, making Sainsbury’s a stronger business with a much sharper value position and a major refocus on our innovation. Customers have recognized the progress we have made, as evidenced by our market share gains.
‘Our Next Level Sainsbury’s strategy is focused on giving customers more of what they come to Sainsbury’s for: excellent value, unbeatable quality food and great service. Our scale, brand and people mean we are uniquely positioned to supply customers across Sainsburys, Argos and Nectar.”
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