STAFF at J Sainsbury are approaching to share an estimated 70m reward pool after a expansive year for Britains third-biggest supermarket chain.
The retailer, led by Justin King, arch executive, is likely to inform that increase have risen from 519m to some-more than 600m when it unveils full-year formula this week.
More than 120,000 staff at the grocer will share in the bonus. They will, on average, get 580 each.
It is thought that King will embrace a money reward of some-more than 1m. Last year he was paid an annual reward of 869,000, but analysts design that he will embrace a bigger payout this year after the climb in profits.
The association is not foresee to yield an refurbish on stream trading, but King will come underneath vigour to yield explanation on the opinion for the year, among weaker cost acceleration and disappearing like-for-like sales growth.
Wm Morrison, the opposition Yorkshire- formed supermarket, last week reported a pointy slack in sales expansion over the 3 months to May 2, finale a purple vegetable patch of 3 years of clever increases.
It pronounced that like-for-like sales rose 0.8% over the initial entertain of the monetary year, incompatible petrol. This contrasts with like-for-like sales expansion of 6.5% over Yuletide and 8.2% in the initial entertain of 2009.
Kings comments are energetically awaited as an critical barometer of how the post-election purgation economy is moulding up.
Freddie George, sell researcher at Seymour Pierce, the broker, has worries over the opinion for the food retailers. The upshot is that it will be some-more formidable to grow sales, and the domain gains seen over the past 3 years are doubtful to be repeated, he warned.
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