Sainsbury’s and Morrisons’ battle for market share
Two of Britain’s biggest supermarket chains will face strategic questions this week, while their sales figures shed light on the fiercely competitive sector.
Sainsbury’s full-year results tomorrow will give it a chance to address rumours over the future of its long-standing chief executive.
The UK’s third-biggest supermarket is expected to report growing profits amid a stagnant grocery market – marking the ninth consecutive rise in full-year profits since Justin King took the helm.Rival Morrisons’ attempts to reverse shrinking sales will be under the spotlight when it updates on first-quarter trading on Thursday.
Among the other heavyweights, BT’s move into English Premier League broadcasting is expected to take centre stage when it unveils full-year results on Friday, with pre-tax profits expected to have risen from £2.4 billion to £2.6bn.
NEW YORK: On Wall Street, the S&P 500 edged up last night to yet another record closing high, pushing further above 1,600 and extending Friday’s rally.
The Dow Jones industrial average dropped 5.07 points, or 0.03 per cent, to finish at 14,968.89 while the broader Standard & Poor’s 500 Index gained 3.09 points, or 0.19 per cent, to finish at a record 1,617.51. The Nasdaq Composite Index gained 14.34 points, or 0.42 per cent, to close at 3,392.97.