Sainsbury's shares tumble on underwhelming strategy update

J Sainsbury PLC (LSE:SBRY) shares slumped around 5% on Wednesday after the group’s new strategy update left some analysts underwhelmed due to its lack of detail. Under the plan, Sainsbury is aiming to cut costs by £1 billion within three years, while growing its food volumes. “It’s not hard to dream up such a wish list to improve the company’s fortunes,” said Russ Mould, investment director at AJ Bell. “Achieving the goal is another matter and it will cost money – something the market typically hates.” Sain ...