5th Nov 2007 07:01
Sainsbury(J) PLC05 November 2007 5 November 2007 Announcement by J Sainsbury plc J Sainsbury plc ("Sainsbury's" or the "Company") was informed late on 4 November2007 by Delta (Two) Limited ("Delta Two") that it has decided not to proceedwith an offer for the share capital of Sainsbury's. The Making Sainsbury's Great Again recovery plan is now well established and theCompany has delivered eleven consecutive quarters of like-for-like sales growth.Sainsbury's also announced new three-year targets, from Recovery to Growth, inMay 2007. As stated within its Quarter Two trading statement, released on 10October 2007, the Company's first half sales performance is in line withexpectations for the current year. The Interim Results will be reported on 14November 2007, at which time the Company will present an update on its firsthalf performance and progress to date on its new targets. Sir Philip Hampton, Chairman, said: "Sainsbury's has attractive futureprospects and the recovery strategy commenced in 2004 is well advanced andcontinuing to deliver growth in the business. We have a first class managementteam and colleagues to drive the business forward." Justin King, Chief Executive, said: "Interest in Sainsbury's has been borne outof the Company's success to date in implementing its recovery strategy. We haveremained focused on delivering great service to customers over recent weeks andmonths and have made significant progress towards Making Sainsbury's GreatAgain. All colleagues can now continue to deliver towards the targets we haveset." Looking forward, the Board of Sainsbury's believes that the Company continues tohave great potential under the leadership of its strong management team.Sainsbury's remains committed to completing its recovery plan and deliveringimproved performance. Enquiries: Investor Relations MediaElliot Jordan Pip Wood+44 (0) 20 7695 4931 +44 (0) 20 7695 6127 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sainsbury's