PHILIP DORGAN PANMURE GORDON
Third quarter showed a slower level of sales growth...Therefore, in common with its peers, Sainsbury is failing to deliver a decent return on substantial investment. This needs to change. We expect space growth to slow investment to shift online and ultimately to see significant and recurring returns.
SAM HART CHARLES STANLEY
We expect trading conditions in UK food retail to remain challenging...Under such conditions, Sainsbury’s like-for-like sales growth is likely to remain subdued at best.
JAMES GRZINIC JEFFERIES
While we do not feel Sainsbury is particularly mis-priced in absolute terms, its ability to deliver relative stock outperformance looks limited in 2013. The update has confirmed that like-for-like momentum is slowing.