Hard times for Sainsbury's

Retail analyst at Panmure Gordon Philip Dorgan claimed that its current position is "as good as it gets" for the supermarket and that the next few months will be tough.

 

The comments came as tycoon Robert Tchenguiz reportedly sold his 10% stake in Sainsbury's, via the Icelandic bank Kaupthing, which is struggling due to the current financial crisis.

 

Sainsbury's shares fell by 47p on October 8th, as investors became concerned about the health of the grocery sector. This week the retailer revealed that like-for-like sales in the past 16 weeks were up by 4.3%

However, chief executive Justin King admitted that this is a "challenging" period for the supermarket, something the experts took advantage of.

Source: www.talkingretail.com