Mike Coupe looks to have a tough job on his hands when the new Sainsbury’s chief executive presents second-quarter trading figures on Wednesday.
While Tesco has captured attention in the struggling sector, HSBC warn to “expect the worst” from Sainsbury’s update, while Santander fear the supermarket could follow Tesco in cutting its dividend.
Like most of the “Big Four” Sainsbury’s has come under pressure from discounters like Aldi and Lidl, losing ground in Kantar market share data, which measures spending. Sainsbury’s claims this is due to cutting prices, rather than losing customers.
The supermarket is the most leveraged in the sector – something may have to give.
Aberdeen Asset Management has a trading update today, while the catering giant Compass reports on recent business. The property developer Gleeson has full-year figures and mobile software specialist Globo delivers interim results.
Mortgage approval and lending figures will also be published.
Tomorrow sees full-year figures from the heating and plumbing specialist Wolseley. Harvey Nash and Saga both have half year numbers, while Icap, Euromoney, KCom and RPC are all due to publish trading statements.
Full-year figures from aerospace technology group Avingtrans come out on Wednesday. The trade show and conference specialist ITE has a trading statement and Liontrust Asset Management will deliver a pre-close update on first-half performance. And look out for the latest manufacturing PMI reading, followed a day later by construction PMI numbers.
Ted Baker puts out six-monthly figures on Thursday, while Electrocomponents has a trading statement and both Carillion and Domino’s Pizza have trading updates.
EasyJet reveals how business has been on Friday and the soft furnishings retailer Dunelm has an update from management. Numis’s Andrew Wade predicts an 8 per cent rise in first-quarter sales, boosted by comparison to a weak, washed-out quarter last year.
The service sector PMI reading for September will also be released.Reuse content