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Sainsbury's slides: 1) A slide to show that whilst sales were resilient, actually we've left the back door open and the competitors have caught up. 
2) Kantar market share shows Retailer A/B/C (akin to Dave Lewis at Tesco) and a loss of share for 'big four' equal to gain by discount. Although Kantar is skewed by discount store opening programme. (data is year end 24th Feb).
3) Food quality. Now this is a JS brand tracker, just 1000 customers here. Unclear if customers are promoted when 'thinking about supermarkets who have great fresh food'... Whether JS are first choice etc. Also the competitor set is hefty.
4) J.James has come in, response to 'farm' brands at Tesco but also a nod that value tier is tanking in the market. Good work in Chicken but J.James is in a number of other areas too, are numbers as good there?
5) Refits! Much needed. Will the poor, older shops get the money or will the ones that justify numbers get it? Difficult balance. Some are format, others concession. (would hope a Sushi counter addition isn't counted as refit). Beauty good, Wellness a positive.
6) Convenience like for likes grew, but were behind year before (c. 7% vs. c.3.5% in 18/19). Tough market. Resetting space, range and price. Sales densities look to be strong here.
7) Online - continues to perform well. Is there any money in it though? Still entirely unclear. Good stats on pick rate, costs per order down. Nights going back in indicates not all is necessarily well in some shops. Ocado pick improvement is lower, work harder robots!
8) Operating model. Well, we all know the reality. My eyes don't lie to me. "lower cost to lead" via restructure. Taking out mystery customer means there is no acid test, year on year of how good / bad it has been.
9) Customers tell us we are improving, forget @dresserman. "lettuce know" (groan) metric, Aug 18 to April 19. Not the mystery customer. Given 'more time with customers' was a key reason to restructure, the low point on availability of colleagues is v alarming.
9) Good numbers for Argos; Fast track we have used time and again and it's always excellent. Great job, good numbers for Argos in JS - believe 45%+ in sales for 3 years+ in JS.
10) Clothing is struggling. Full price nod but they still ran 25% off deals at key times. Also greater exposure with Argos (mind you who buys clothes from Argos?) Turning point for this range one feels.
11) Efficiencies - £220m saved via labour, marketing, digital, logistics. No target set going forward it seems?
12) The Checkout free/Mobile pay only store in Holborn got a mention in the release. Smartshop is positive roll, of course means less checkouts needed. Feels like there is a digital strategy - however it won't save the world on its own.
13) I always thought Nectar was the real power play in the JS/Asda merger. Putting Nectar to the enlarged group would have given huge returns. Digital trial and personalised rewards also trialed and rolling.
14) A reminder that after all that effort, cost, restructure, savings, poorer store environments, jiggery and pokery. The margin still only sits at 2.43%.....
15) I have a great deal of time for the Sainsbury's business; 150th year this year and it's a very important, British company however it strikes me that there needs to be more admission of where things are not quite right.
16) The masses on here who get in touch, never happened for Tesco (usually just abuse for being anti Tesco zzzz) concerned at their local store. Or disbelief at the state of things, it's not just stores, food is flagging in a very, very difficult, crowded market.
17) Yet some of the Sainsbury's food does well in Good Housekeeping for example. I can not remember a time I last saw an award winner highlighted.
18) However key products just do not perform, these are part of the same tier. 10th place (however good the score was) on a key product isn't good enough.
19) Thus endeth.
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