Nobody downloaded yet

Sainsburys Supermarkets - Essay Example

Comments (0) Cite this document
Summary
J. Sainsbury plc owns Sainsbury's Supermarkets (hereafter Sainsbury's), the U.K.'s third largest retailer after Tesco and Asda. For many years since it opened for business in 1869, Sainsbury's was the country's biggest supermarket, the undisputed market leader…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.4% of users find it useful
Sainsburys Supermarkets
Read TextPreview

Extract of sample "Sainsburys Supermarkets"

Download file to see previous pages Using a combination of common management tools in a wide range of areas, from stocking its shelves full with items customers want to buy to executing on a complete revamp of its information technology and supply chain management systems, a new senior management team is revitalising the whole organisation from top to bottom.
This brief history helps us analyse the period 2003 to 2006, during which Sainsbury's hit the dust with their first-ever revenues slump in history (in the year ended March 2005) and then as nimbly picked itself up and began staging a comeback. We can learn how they are doing by studying the company's annual reports which are the "official" snapshots of the whole corporation each year. Just like any other company at the mercy of its stakeholders (Freeman, 1984), Sainsbury's is expected to behave to satisfy everyone.
Identify significant areas of the accounts for 2006 where judgment has been used in determining the appropriate accounting policy for the company (for example depreciation of fixed assets). Critically discuss how such judgments have materially affected the accounts in terms of valuation and profitability.
There are several portions in Sainsbury's 2006 report indicating where judgment has been used to determine the appropriate accounting policies. ...
From the long list of accounting policies, we note the following that in our opinion materially affected the accounts in terms of valuation and profitability:
The 2006 reports are the Group's and Company's first financial statements prepared under IFRS and therefore, IFRS 1 'First-time Adoption of International Financial Reporting Standards' was applied. The last statements under UK Generally Accepted Accounting Principles ("UK GAAP") were for the 52 weeks to 26 March 2005. An explanation of the transition to IFRS is provided in Note 42. A comparison of the GAAP-based 2005 and IFRS-based 2005 reports showed that whilst non-current assets declined by almost 3 billion, total equity declined by only 33 million thanks to adjustments in net current liabilities of over 2.9 billion. This shows how numbers can surprisingly appear and vanish like magic.
Early adoption of the standard Amendment to IAS 19 'Employee Benefits' is effective for annual periods beginning 1 January 2006, i.e. beginning 26 March 2006. However, Sainsbury's elected to early adopt this amendment and has applied the requirements of the amendment to the financial statements for the 52 weeks to 25 March 2006. This led to gross actuarial gains of 128 million (Note 42, p. 95), cutting the pension deficit from 672 million to only 375 million due to a deferred income tax asset. This allowed Sainsbury's to conveniently finance the pension fund and contribute towards improving employee motivation.
The treatment of Subsidiaries and Goodwill allowed Sainsbury's to manufacture current year profits growth from its sale of Shaw's in 2004 by recycling 123 million of the goodwill write down from its 2005 results (p. 96), adding net 86 million to profits (See note on p. 95). Goodwill is now not allowed under ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Sainsburys Supermarkets Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Sainsburys Supermarkets Essay Example | Topics and Well Written Essays - 2500 words. Retrieved from https://studentshare.org/miscellaneous/1529372-sainsburys-supermarkets
(Sainsburys Supermarkets Essay Example | Topics and Well Written Essays - 2500 Words)
Sainsburys Supermarkets Essay Example | Topics and Well Written Essays - 2500 Words. https://studentshare.org/miscellaneous/1529372-sainsburys-supermarkets.
“Sainsburys Supermarkets Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/miscellaneous/1529372-sainsburys-supermarkets.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Sainsburys Supermarkets

Supermarkets in UK

...for curtailed expenditure elsewhere. Among the various strategies taken by the company, one was to develop the business mainly in the UK. The company is headquartered in U.K. and they wish to develop their company primarily in U.K., It denotes they target also the rural inhabitants of U.K. more. (Tesco Plc, 2012). Sainsbury is also another UK based retail industry. The main strategy is offering extremely high quality food at a low price (Sainsbury Plc, 2012). According to Daryl A. Brehm in his article, United Kingdom Retail Foods2010, the retail grocery industry in UK is mainly concentrated with 8% of market share in the hands of leading five supermarket stores. “The UK grocery market...
12 Pages(3000 words)Literature review

Tesco and Sainsburys Websites

...Tesco and Sainsbury’s Websites Introduction Tesco and Sainsbury are two giants in the retail business. The head quarter of the two supermarkets is in United Kingdom. However, they have branches in Europe, and Asia. The two companies specialise in food retailing. Tesco is the largest food retailer in United Kingdom. Its head quarter is in Hertfordshire. It operates about 2,318 stores in entire Europe and Asia. The European countries in which Tesco has its operations include Ireland, Hungary, Poland, Czech Republic, and Slovakia (Plunkett, 2007:76). The company has 82 and 60 stores in Ireland and Hungary respectively. In Poland, Tesco manages 66 hypermarkets and...
10 Pages(2500 words)Coursework

The Similarity and Differences between Chinese Supermarkets and British Supermarkets

...?Running Head: Profit Models of Tesco and Carrefour The Similarity and Differences between Chinese Supermarkets and British Supermarkets Profit Model: The Case of Tesco in UK and Carrefour in China Name: College: Date: 1.0 Introduction 1.1 Background information 1.1.1 Tesco UK Jack Cohen founded Tesco in 1919 in East London. Cohen was selling surplus groceries in a stall and the first profit amount to ?1 after the sales of ?4. The business expanded to become group of stalls and with food products being the main items for sale. The first own brand of Tesco was produced in 1924 and named Tesco Tea. Cohen named the brand Tesco Tea even before the business acquired the name Tesco. The name Tesco was drawn...
20 Pages(5000 words)Essay

Making Love in Supermarkets

...Making Love in Supermarkets ‘Making love in supermarkets’ is a chapter from the book ‘A theory of shopping’ written by David Miller. In the chapter, Miller postulates that shopping has become a way through which the acts of love and care get registered nowadays. He argues that the contemporary hedonist shopping has become transformed in a manner that relationships can be identified through shopping. He claims that the traditional form of shopping has transformed to a more devotional sense where people almost conduct shopping as sacrifice. He argues that the religious values of love and care get manifested through shopping in the modern secular world. Miller rejects the assumption that shopping gets concerned with individuals... and...
5 Pages(1250 words)Essay

Morrisons Supermarkets Plc

...? Morrisons Supermarkets Plc. – Retail Executive Summary This paper mainly highlights the operations of the organization of Morrison Supermarket Plc.Along with this, it also describes the external and internal environments of the organization as well as the brief evaluation of the position on the basis of PESTEL and SWOT analysis made to analyse the external and internal environment. It also includes a conclusion and recommendation that clearly depicts that Morrison supermarket holds a strong position and market share in the region of UK among others. Table of Contents Executive Summary 2 Table of Contents 3 Introduction 4 Current operation of Morrisons 4 Analysis of Morrisons...
6 Pages(1500 words)Assignment

Consumer attitudes towards supermarkets

...Consumer Attitudes towards supermarkets Executive Summary: Supermarkets offer several advantages as compared to the traditional convenience stores, such as a wider selection of goods, lower prices and savings in time while shopping. This study examines consumer attitudes towards supermarkets through a face to face survey carried out in three leading supermarkets, i.e., ASDA, Tesco and Sainsburys and uses the Fishbein model in order to analyze the responses. Introduction: In the rapid pace of modernization and the onset of competition in the global marketplace, supermarket chains are becoming increasingly common. Super markets offer...
10 Pages(2500 words)Essay

Employee Engagement in Sainsburys Supermarkets

...Employee Engagement in Sainsbury’s Supermarkets Introduction Auschwitz survivor Victor Frankl wrote that “Mans search for meaning is the primary motivation in his life…” (1984, p. 121). While modern business organizations are a far cry from concentration camps, employees may feel just as trapped as inmates in one. Fankl’s words are just as relevant now as they were then: man’s life is a search for relevance, and it is in the search that he engages in activities that he feels bring him closer to an answer. People who are driven by a sense of purpose at what they do seek to achieve a two-fold mission: to find personal meaning in what they do, and to do so in a way that provides meaning to the society...
16 Pages(4000 words)Dissertation

FRESHPLUS SUPERMARKETS

...Freshplus Supermarkets AFFILIATION: 2. Findings 2 Findings from interview The findings from the interview depicted that the Manager of Freshplus Supermarkets is well aware of how things should be managed in the supermarket. He has the knowledge and skills about managing the workforce and how productive work should be derived out from the employees of the supermarket. The planning, organising, leading and controlling functions of management are carried out by the manager in a successful way as the proper management leads to a successful, productive and profitable organisation. 2.2 Planning The management function of planning is conducted by the manager, Mr Mohammed Buday,...
5 Pages(1250 words)Research Paper

Supermarkets Inc

...MKT 2500: Marketing Principles Video Assignment: Supermarkets Inc: Due: Next Period THE BASIC TASK: Watch the CNBC video documentarySupermarkets Inc. online at Hulu: http://www.hulu.com/watch/221947 Read and respond to the following questions. Please word process your responses in the space available. 1. Logistics involves the physical distribution of good/services from point of origin to the final customer, and encompasses functions such as warehousing, inventory management, transportation, and logistic information management (pages 321-329). Use an example (or examples) from the video to highlight EACH of these important functions. 2. Foods is a prime example of a company that practices strong partner relationship...
1 Pages(250 words)Assignment

Wegman's Supermarkets

...Wegmans Supermarkets WEGMAN’S FUNCTIONAL PROJECT MANAGEMENT APPROACH Wegman’s Supermarkets are founded upon the Functional structure of project management. In this kind of a project management structure, the personnel are grouped according to how similar their roles are, and projects are executed within the department (Berkun 76). At Wegman’s, the personnel, accounts, and marketing divisions form part of the departmentalized units depending on their various roles. The paragraphs below discuss the advantages of this model. CLEAR LINE OF COMMAND In a functional structure, Wegman’s project teams have a clearly spelled out chain of command. This means that a linear top-bottom concept is followed where the...
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Sainsburys Supermarkets for FREE!

Contact Us