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Big financial players reap rewards of Sainsbury’s failure – Financial Times

By / June 4, 2019

Big financial players reap rewards of Sainsbury’s failure  Financial Times

Mike Coupe came out fighting this week, following the collapse of his grand plan to merge J Sainsbury with Asda. The trading results were the usual mishmash of “business performance” and “statutory reporting”, which allowed him to describe a 30 per cent fall in post-tax profits as a 7.8 per cent increase in “underlying pre-tax profit”. The magic word here is “underlying”, definitely not to be contrasted with lying, which allows all sorts of nasty costs to be brushed aside. Among those at Sainsbury’s is the £46m wasted on the ’orrible merger. Mr Coupe dismissed this in the context of the £12…

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