Sainsbury (j) Share Discussion Threads

[netcurtains] 03/12/2020 07:39

Sainsburys are paying it back. Well done Sainsburys
So hopefully we should recover in share price today now that we know and its all agreed. But from lower level.


To my mind Sainsburys has already been the biggest faller in the supermarkets this week so this tax thing is already in the price.

Cheers Net!

[spob] 03/12/2020 07:18

Tesco had a little lamb, little lamb, little lamb

Tesco had a little lamb, Whose fleece was white as snow

And everywhere that Tesco went, Tesco went, Tesco went

Everywhere that Tesco went, Sainsbury's was sure to go

[netcurtains] 02/12/2020 20:39

The THREE supermarkets with large non-food businesses:

Waitrose, M&S and Sainsburys might or might not pay the tax back.

However price already assumes Sainsburys will pay back a certain percentage.
So its no big deal either way.

[adhowes1970] 02/12/2020 20:34

Morrison Supermarkets PLC on Wednesday said it is planning to waive its business rates for financial 2021, following rival Tesco PLC's announcement

[imperial3] 02/12/2020 19:13

Must Sainsburys follow Tesco? Do they have to hang on to their apron strings? They are in their own rights very different companies.

[netcurtains] 02/12/2020 18:57

M&S have said "They are not paying it back - used to help suppliers and staff"

Sainsburys had Argos aisles and shops closed during lockdown so they have a valid reason for not paying it back either.

[spob] 02/12/2020 18:19

I think the real reason Tesco is paying back this money is because they haven't spent anywhere near 585m on covid related measures.

I guess trying to bury that much money in the accounts is not easy Hahahaha

[spob] 02/12/2020 18:15

Wherever Tesco goes, Sainsbury's is sure to follow.

Lol

[spob] 02/12/2020 18:11

Tesco to pay back £585m of Covid business rates relief


Supermarket says it is ‘conscious of our responsibilities to society’

Opinion: where Tesco leads on rates relief others should follow


Mark Sweney

The Guardian


2 Dec 2020



Tesco is to pay back the £585m in business rates relief accepted from the UK government to help the supermarket weather the coronavirus pandemic, months after paying investors hundreds of millions in dividends after sales soared.

Tesco, which said “every penny” of the rates relief had been spent on responding to the pandemic, added that in making the repayment it was “conscious of our responsibilities to society”.

In total, the big six supermarkets – Tesco, Sainsbury’s, Asda, Morrison, Aldi and Lidl – will save £1.9bn in bills during the tax year to 31 March 2021, according to figures from Altus Group, a property adviser.

Tesco, which defended its decision to pay a £315m dividend to shareholders in October, is to pay back the rates relief and its move ramps up pressure on rivals to follow suit.

“The board has agreed unanimously that we should repay the rates relief we have received,” said John Allan, the chairman of Tesco. “We are financially strong enough to be able to return this to the public and we are conscious of our responsibilities to society. We firmly believe now that this is the right thing to do and we hope this will enable additional support to those businesses and communities who need it.”

The big supermarkets have been heavily criticised for taking the payouts over concerns that taxpayer money could have been directed to sectors that really needed the financial support.

Tesco maintains that the government made the right decision to step in with the support at the beginning of the pandemic, when supermarkets faced being overwhelmed logistically as shoppers started panic-buying, supply lines were stretched to breaking point and there was the possibility of mass absenteeism.

“[There was a] real and immediate risk to the ability of supermarkets to feed the nation,” the company said. “We are immensely grateful for the financial and policy support provided to us by the governments of the UK. This was a gamechanger and allowed us to ensure customers got access to the essentials they needed.”

Tesco said costs relating to the pandemic are estimated to hit £725m this year but paying back the rates relief is the corporately responsible thing to do.

“While business rates relief was a critical support at a time of significant uncertainty, some of the potential risks we faced are now behind us,” said Ken Murphy, Tesco’s chief executive. “Every decision we’ve taken through the crisis has been guided by our values and a commitment to playing our part. In that same spirit, giving this money back to the public is absolutely the right thing to do by our customers, colleagues and all of our stakeholders.”

Tesco, Sainsbury’s and Morrisons have paid dividends to shareholders even while receiving the state aid. Sainsbury’s disclosed business rates relief worth £230m in the first half of its financial year, while paying £231m in dividends.

The government introduced a 12-month break on business rates in March across England and Wales because it feared the pandemic would strain retailers’ finances, potentially threatening their ability to feed the country. However, the reality proved very different, with big supermarkets enjoying a sales boost, albeit with higher costs.

Altus’s projections showed that Tesco, the UK’s largest supermarket chain, is expected to receive relief worth £585m during the year, while Sainsbury’s will receive £498m. Asda and Morrisons will receive £297m and £279m respectively.

[spob] 02/12/2020 16:38

I don't even look at those stupid votes

who cares

just another pointless Advfn gimmick

[dogface] 02/12/2020 11:46

Someone who has paid a subscription, who wants his/her monies worth.
I vote up for free!!!!

[pierre oreilly] 02/12/2020 08:54

Bought back in. Divi safe, bargain price.

[rolo7] 02/12/2020 08:07

but 120 argos stores closed and sbry are getting business rates on these perminatly closed store this FY?

[netcurtains] 02/12/2020 08:04

Tesco did not have all its Argos sections closed off. Its not like for like.
Are M&S paying it back?

[unastubbs] 02/12/2020 07:59

tesco appear to be repaying the bulk of it in this FY and c.£50m in 21-22

[spob] 02/12/2020 07:56

i would pay it back over 10 years or something like that

[unastubbs] 02/12/2020 07:55

answer my own q. dividend, probably safe, but declared divis have been reneged upon this year...so it's a valid question. payday is scheduled 18th dec

[unastubbs] 02/12/2020 07:09

rns from tesco, they will repay business rates relief. sbry must surely follow. will they pull the dividend??

[netcurtains] 25/11/2020 16:22

£4 by weekend - do we know what share dogface is actually talking about?

[paulo435] 24/11/2020 13:42

Would be great if it does anyway dawg ! ;)
Interested to hear what the webinar was saying today if anyone listening in

[dogface] 24/11/2020 09:26

Sorry wrong board

[dogface] 24/11/2020 09:25

£4 by weekend?