Financial Performance and Management Techniques of Sainsbury's plc

This project report analyzes the financial performance and management techniques of Sainsbury's plc, providing insights for small companies considering doing business with them.

ACCOUNTING AND
FINANCE

Table of Contents
EXECUTIVE SUMMARY...................................................................................................3
INTRODUCTION...............................................................................................................3
MAIN BODY.......................................................................................................................3
Part (a) Analysis of financial performance and position.................................................3
Part (b) Management and financial management techniques.....................................10
CONCLUSION.................................................................................................................15
APPENDICES..................................................................................................................16
REFERENCES................................................................................................................20

EXECUTIVE SUMMARY
The project report summarise about financial performance of Sainsbury's plc so
that they small manufacturer can decide about whether they should make transaction
with them or not. In order to make it suitable, different kinds of ratios are calculated
which shows that company's financial performance is not so effective. In addition, the
report abstracts about different number of techniques of management and financial
accounting that are widely used by manager of Sainsbury's plc.
INTRODUCTION
The term accounting and finance play a significant role in aspect of proper
management of monetary resources of companies. Accounting can be defined as a way
of recording financial transactions in systematic manner for a particular time period
(Cleary and Quinn, 2016). If companies records their transactions in an effective then it
becomes easier for them to focus on better utilisation of available financial resources.
The aim of project report is demonstrate understanding about benefits to suppliers
because of merger. The project report is based on Sainsbury's plc financial analysis so
that small companies can take decision about whether they should enter in business
with them or not. The project report is categorised into two parts A & B. The part A
covers about CORE analysis of Sainsbury company. As well as part B includes
information regards to various techniques of management and financial accounting.
MAIN BODY
Part (a) Analysis of financial performance and position.
An analysis of Sainsbury's plc by help of core analysis.
Macro environment analysis- In order to do an effective macro environment analysis
there is a technique which is PESTLE analysis technique. In the context of above
Sainsbury company, it is done below:
PESTLE analysis-
Political factor- This factor is related to the political condition of a nation, relation of a
country with others and many more. It can impact to business entities in both positive

and negative manner. Sainsbury plc can be affected from this if political condition in UK
will not stable. This is so because they will not be able to do business with other
countries in the case of unstable political condition.
Economical factor- Under this factor various types of economical elements are included
such as interest rate, inflation rate and many more. These aspects can affect company's
performance. It is so because if interest rate will be lower in the market of UK, then this
will be easier for above company to acquire funds at low cost.
Social factor- It is related with different social aspects like people' s like dislike, culture,
tradition and many more. This becomes essential for companies to follow all these
aspects of any nation. Such as for Sainsbury company, it is crucial to them to offer
product and services in accordance of culture and religion of a country in which they are
operating.
Technological factor- It is one of the key factor for companies because technology is
upgrading day by day. This becomes essential for business entities to adopt new and
advanced techniques in their operations and activities. Like for above company, it is
essential to apply new techniques so that they may attract more number of customers.
Legal factor- This becomes essential for businesses to implement various kinds of rules,
regulations and legislation to protect rights of employees & customers. Such as for
Sainsbury plc, it is necessary for them to apply different legislation like equal payment
law for employees.
Environmental factor- This is aligned with environmental condition of any nation. It is not
under control of a business entity. For example if in UK, environmental situation is not
suitable then this may affect business of Sainsbury company.

Micro environment analysis- In order to do this analysis, SWOT analysis is essential
which is done below in such manner:
Strength-
 Innovative promotional strategies- Sainsbury plc has innovative strategies in
order to do promotion of different kinds of products and services.
 This company has more then 600 supermarkets and 800 convenience stores all
around the United Kingdom.
Weakness-
 Brand switching- Similar as the above stores, Sainsbury plc also face issue of
brand switching. Due to this, number of customers of this company has been
decreased in an effective manner.
 Lower margin- This is a main weakness for this company as their operating costs
are increasing and due to it level of margin is decreasing.
Opportunity-
 Growth in villages- Sainsbury plc has an opportunity to expand business in the
rural areas so that market share can be increase.
 In addition, self check out machines can also help to above company for opening
stores 24 hours.
Threats:
 Competition- It is one of the main threat for above company as they are facing
tough competition from other stores such as ASDA, Waitorse etc.
 As well as increased level of globalization also a main threat for this company.
CORE analysis:

Context- The Sainsbury's plc is third largest chain of supermarket in United Kingdom
and their share in supermarket sector is of 15.3%. This company was founded in year
1869 by John James Sainsbury. The ownership of company is public limited and there
are about 1415 shops in entire United Kingdom. As per the published information in
year 2018, there are about 186900 employees in different stores of United Kingdom
(About Sainsbury's plc, 2019).
Overview- The above Sainsbury's plc is one of the leading food retailer in United
Kingdom and it is registered with LSE and FTSE 100. The company produces and sales
a vital range of products such as food product, clothing and daily using commodities.
The company operates in supermarket field and face tough competition from others
such as Tesco, Morrisons and many more. In order to gain higher value of profitability,
this company merged with ASDA which can be beneficial for external stakeholders.
Ratio- In the aspect of better financial analysis of companies performance, the ratio
analysis play a key role. It is so because by help of calculating and analysis different
number of ratios, this becomes easier to companies in finding strengths and
weaknesses. As per it, their managers prepare and formulae strategies. As well as
stakeholders get aware about actual financial position of companies and accordingly
make investment. In the aspect of above Sainsbury's plc, ratio analysis is done below
that is as follows:
1. Profitability ratio:
 Gross profit ratio-
2016 2017 2018 2019
Gross profit
ratio
6.19% 6.23% 6.61% 6.92%

ratio
0.06
0.06
0.07
0.07
6.19% 6.23%
6.61%
6.92%
2016
2017
2018
2019
Analysis- On the basis of above presented graph this can be find out that above
company's gross profit margin is increasing in significant manner. Such as in year 2016,
it was of 6.19% that raised in middle years and became 6.92% in 2019. It is indicating
that company is gaining better profitability from their sales outcomes.
 Operating profit ratio-
2016 2017 2018 2019
Operating profit
ratio
3.00% 2.45% 1.82% 1.07%
ratio
0
0.01
0.02
0.03
0.04 3.00% 2.45%
1.82%
1.07%
2016
2017
2018
2019
Analysis- As per the above graph, this can be stated that company's operating profit
margin is decreasing continuously. Like in year, 2016 it was of 3.00% which reduced
and became of 2.45% in year 2017. Same as during year 2018-19, it reduced by 0.41%
and became of 1.07% in year 2019 (About Sainsbury's plc financial statements, 2019).
It is indicating that company's operating expenditures are increasing.
 Net profit margin-
2016 2017 2018 2019
Net profit
margin
2.00% 1.44% 1.08% 0.75%

ratio
0
0.01
0.01
0.02
0.02
0.03 2.00%
1.44% 1.08% 0.75%
2016
2017
2018
2019
Analysis- Same as the above operating profit ratio, this ratio is also decreasing. Such as
in year 2017, company was getting net revenue margin with 2.00%. In upcoming years,
this ratio decreased and became of 0.75% in year 2019. The reason of this deficiency is
decreasing in total value of net profits.
 Return on capital employed
2016 2017 2018 2019
ROCE 6.90% 5.75% 4.43% 2.57%
ratio
0
0.02
0.04
0.06
0.08 6.90% 5.75% 4.43%
2.57%
2016
2017
2018
2019
Analysis- The efficiency of generating return on invested value of capital is decreasing.
This is indicating by above graph that in year 2017, the ROCE was of 6.90% which
decreased in next year 2018 and became of 5.75. In current year 2019, the efficiency of
generating return of above company is of 2.57%.
2. Liquidity ratio:
 Current ratio-
2016 2017 2018 2019
Current ratio 0.66 times 0.74 times 0.76 times 0.66 times

Current ratio
0.6
0.65
0.7
0.75
0.8
0.66
0.74 0.76
0.66
2016
2017
2018
2019
Analysis- The above graph, states that current ratio of above company is fluctuating
during the mentioned four years. This ratio is increased between year 2016-17 and
2017-18. While, it decreased in year 2019 because in 2018, it was of 0.76 that fell down
and became of 0.66 times. As well as company is unable to meet the criteria of ideal
ratio that is of 2:1.
 Quick ratio-
2016 2017 2018 2019
Quick ratio 0.52 times 0.53 times 0.59 times 0.49 times
quick ratio
0
0.2
0.4
0.6
0.8 0.52 0.53 0.59 0.49 2016
2017
2018
2019
Analysis- The above graph is indicating that company is unable to meet criteria of ideal
ratio 1.5:1. Such as in year 2016, it was of 0.52 times that raised in next two years but in
year 2019, it decreased and became of 0.49 times. It is interpreted that company has no
enough value of current assets to make payment of short term debts.
3. Efficiency ratio:
 Accounts receivable turn over ratio-
2016 2017 2018 2019
Accounts
receivable turn
245 times/ year 247 times/ year 243 times/ year 201 times/ year

over ratio
Accounts receivable turn over ratio
0
50
100
150
200
250
300 245 247 243
201 2016
2017
2018
2019
Analysis- On the basis of above calculated ratio, this can be find out that receivable
turn over ratio is fluctuating in four years. Such as in year 2016, the turnover of
accounts receivable was of 245 times that raised in next year and became of 247 times.
While in year 2019, it was of 201 times per year. This is indicating that company's
efficiency to get back amount on which goods are transferred on credit basis.
 Inventory turn over ratio-
2016 2017 2018 2019
Inventory turn
over ratio
22.78 times/
year
13.85 times/
year
14.68 times/
year
14 times/ year
Inventory turn over ratio
0
5
10
15
20
25 22.78
13.85 14.68 14 2016
2017
2018
2019
Analysis- On the basis of above calculated ratio, this can be find out that inventory turn
over ratio of above company is increasing and decreasing throughout of these four
years. Though, in year 2016 their efficiency to utilise stored goods was of 22.78 which
fluctuated in next years and became of 14 times in year 2019.

 Accounts payable turn over ratio-
2016 2017 2018 2019
Accounts
payable turn
over ratio
11.29 times/
year
9.77 times/ year 9.98 times/ year 9.52 times/ year
Accounts payable turn over ratio
9
10
11
12 11.29
9.77 9.98 9.92
2016
2017
2018
2019
Analysis- The above presented graph shows that company's efficiency to pay their
creditors or accounts payable is decreasing in a significant manner during accounting
period of 2016-19. Such as in year 2016, this ratio was of 11.29 times which decreased
and became of 9.52 times in year 2019.
 Total assets turn over ratio-
2016 2017 2018 2019
Total assets
turn over ratio
1.38 1.33 1.29 1.23
Total assets turn over ratio
1.1
1.2
1.3
1.4 1.38 1.33 1.29
1.23 2016
2017
2018
2019
Analysis- The assets turn over ratio of above Sainsbury's plc is decreasing in all four
years. Such as in year 2016, it was of 1.38 which decreased and became of 1.33 in
year 2017. As well as in upcoming time periods, this ratio fell down in similar manner.

This is indicating that efficiency to utilise the total assets of above company is
decreasing year by year.
 Fixed assets turn over ratio-
2016 2017 2018 2019
Fixed assets
turn over ratio
1.88 1.95 2.01 1.82
Fixed assets turn over ratio
1.7
1.8
1.9
2
2.1
1.88
1.95 2.01
1.82
2016
2017
2018
2019
Analysis- The fixed assets turn over ratio of above company is fluctuating in a significant
manner. Like during year 2016-18, it was increasing but in year 2019, it decreased and
became of 1.82. This is indicating that above business entities' efficiency to make in and
out flow of fixed assets is decreasing in year current year.
Evaluation: On the basis of above ratio analysis of Sainsbury's plc, this can be find out
that their financial performance is not so effective. They are operating their activities and
functions with an average monetary outcome. Under the ratio analysis, four years
financial data has been taken starting from 2016 and ending at 2019. In this aspect, this
can be difficult for Bramley foods to get back the return from invested capital. It is so
because a company gives higher return to their investors when net profits are higher.
The above company does not have enough amount of net profit in order to pay their
stakeholders. As well as their efficiency ratios such as accounts payable ratio is also in
poor condition that indicates that company is not able to make payment on right time to
their suppliers. Thus, the small United Kingdom based companies should not enter with
Sainsbury's plc as a supplier.

Part (b) Management and financial management techniques.
In the aspect of internal and external management of business entities, there are
different kinds of techniques. It depends on business entities that how well they are
using these techniques (Bepari and Mollik, 2015). There are basically, two kinds of
accounting which are management and financial accounting. Both of these play a key
role in the context of better management. Herein, below some key techniques of
management and financial accounting are demonstrated that are as follows:.
Management accounting – It can be defined as a kinds of accounting that is linked with
process of gathering monetary and non monetary information in order to produce
internal reports. These reports contributes to managers for taking corrective action of
various aspects. Herein, below some key techniques of management accounting are as
follows:
 Financial planning- This is one of the key technique of management accounting
which is linked with process of making better financial plan (Ratiu, 2015). The
term financial planning can be defined as a way of determining monetary
activities of businesses in advance in order to achieve common objectives. It
consists prediction of both long and short term financial objectives. In this aspect,
management accounting helps by providing key information regards to each
aspect of financial transactions (Fourie, Opperman, Scott and Kumar, 2015).
Such as in the aspect of Sainsbury' plc, their finance department makes effective
financial plan by information derived from this accounting. They make a better
projection of their financial resources for upcoming time period which helps in
effective utilisation of available monetary resources.
 Standard costing – It can be defined as a kinds of technique in which a proper
estimation of futuristic cost is done (Fischer-Pauzenberger and Schwaiger,
2017). This estimation of cost leads to a suitable framework for making
comparison with actual results. By help of this costing techniques, companies
become able to find out variation between actual and estimated result that help in
taking corrective action for better improvements. In the context of above

Sainsbury' plc, their finance department implements this costing technique with
an aim of making compare actual occurred cost with estimated volume of cost. In
the case when actual cost is higher then to projected cost then it is considered as
negative condition for company and they take suitable action accordingly. As well
as if actual cost is less then to estimated cost then it is considered as a
favourable condition.
 Budgetary control- This is a type of technique which is related with setting
monetary and anti monetary goals of businesses by help of various kinds of
budgets (Beaumont, 2015). Basically, it is based on the budgets and indicates
about efficiency of managers in which they use budgets for monitoring and
controlling cost during a particular time period. The main objective of this
techniques is to keeping an extra sight of eye over performance of companies. In
the context of above chosen Sainsbury' plc, they use this technique in order to
manage their performance and for this purpose their finance department utilise
key information throughout different budgets. By help of this technique, their
senior managers ensure that spending limits are adequate as well as it plays a
significant role for monitoring overall revenues and expenditures in operating
activities.
 Communicating – This is important to communicate key financial and non
financial information with the managers so that they can become aware about
actual position. Eventually, the success or failure of a business entity depends on
flow of information from manager to employees. If communication structure of a
company is not so effective then it may lead to evolution of a wide range of
conflicts. Such as in the aspect of above Sainsbury' plc, their accountants spread
key financial and non financial information with their managers so that effective
decisions can be taken. Hence, it is also an another important technique of
management accounting.
 Marginal costing – This can be defined as a type of accounting technique which
is related to process of considering both costs in a different manner. Under it,
fixed cost is considered as cost of period and variable cost is assigned as cost of
product (Fisher, Garnsey and Hughes, 2016). It is being used by companies in

order to produce income statements in an easy manner. In the context of above
Sainsbury' plc, their accountants use this accounting technique with an objective
of preparing income statements. As well as it helps them in categorising both of
costs in a various manner.
 Historical cost accounting – This can be defined as a type of accounting in which
previous time period's financial data is provided to management so that an
effective comparison can be done with standard costs. Under this accounting,
information regards to cost of each job, process and department is provided to
managers. In the aspect of above Sainsbury' plc, this accounting system is being
implemented in order to assessing past years' financial information and to take
futuristic actions in a corrective manner. By help of this, their managers make an
accurate comparison of their estimated cost and actual costs.
So these are the key techniques of management accounting. Apart from it, financial
accounting also help to managers in order to do better internal management. Analysis
of techniques of financial accounting is mentioned below that is as follows:
Financial management – This is a type of management which is related to planning,
organising, directing and controlling of monetary activities of business entities. It
consists different types of techniques which are as follows :
 Common size statements- The term common size statements are those in that
figures are converted into percentage form on some basic base. Basically, the
common size balance sheet and income statements are prepared for vertical
analysis and interpretation is done for finding cause of changes taken during a
particular time period. In these statements, each percentage shows the relation
of individual item to its respective total. In the context of Sainsbury' plc, they
produce these common size statements so that they can get aware about each
elements' information in an effective manner.
 Cash flow analysis- This can be defined as a kind of statement which consists
information regards to cash receipts, cash payments and change in cash for a
particular time period (Rossi, 2016). Basically, it is prepared on the basis of three
activities which are operating, financing and investing activities. This statement

reconciles the opening and closing balance of cash and cash equivalents for a
particular accounting period. In the context of above company, they produce this
statement with an objective of analysing total activities regards to cash. The cash
flow of above company during four years (2016-19) is different. Such as in year
2016, there was cash out flow of £288 million. While in rest of three years, they
gained cash inflow of £409, £664 and £24 million for year 2017, 2018 and 2019
respectively.
 Fund flow analysis – The fund flow statements provides detailed information
regards to variation in financial position of a concern between two balance sheet
dates. Eventually, this statement consists detailed information regards to
monetary resources that have become available during the accounting period.
Eventually, it refers to movement of funds that cause a variation in working
capital of company. The net increase or decrease in working capital is analysed
by preparation of statement of change in working capital position. This statement
is a way of evaluating of better use of working capital. It is being used for long
term planning in which estimation of liquid resources is wide. In the context of
above Sainsbury' plc, this statement is being prepared in order to assess the
variation in total amount of funds during a particular time frame. By utilising key
information through this statement, their managers take suitable action related to
allocation of their available financial resources. So these are the key benefit of
fund flow analysis for companies as well as for above mentioned business entity.
 Ratio analysis – It is considered as one of the key tool for businesses in order to
do proper measurement of financial performance (Watson, 2015.). Under this, a
wide range of ratios are calculated and interpreted with an aim of assessing
various aspects of companies. In addition, it helps in making quantitative
judgement regards to financial position and performance of business entities. In
this aspect, the comparison of past years ratios with futuristic ratios indicates the
firm's relative strength and weaknesses. In the aspect of above Sainsbury' plc,
they apply this technique and compute a range of ratios for assessing actual
monetary performance. Such as their gross profit ratio is increasing in a
significant manner like in year 2016, it was of 6.19% which increased and next

year and became of 6.23% in year 2017. Same as the ratios are calculated like
efficiency ratio, liquidity ratio and many more in order to evaluate their current
position.
 Working capital management – It can be defined as a type of management which
is related to assessing companies efficiency by help of its current assets and
liabilities. The term working capital is being calculated analysing variation
between current assets and liabilities (Maskell, Baggaley and Grasso, 2017).
This can be negative in the case when value of current liabilities is more then
current assets. As well as in the case when current liabilities are less then to
current assets then it is assessed as favourable condition for companies. It is so
because availability of enough current assets indicates that company is able to
make payment of their short term debts. In the aspect of above Sainsbury' plc,
they fulfil the requirement of working capital by increasing value of current
assets. Such as in year 2016, their working capital was of £-2280 million that is
showing that they do not have enough amount of current assets for making
payment of current liabilities. As well as in year 2017, it was of £-2251 million.
Hence, their efficiency of paying day to day activities is too poor and they are
needed to make improvement in this.
So these are the key techniques of financial management and each of them play a key
role in the context of better management of different aspects and elements. In the
Sainsbury's plc they implement all these techniques in order to keep an extra sight of
eye over various activities of departments.
CONCLUSION
On the basis of above project report, it has been concluded that monetary
performance of above chosen company is not so effective. It is so because their most of
the ratios are presenting negative results. Thus, the small manufacturer of United
Kingdom should enter into business with them. For this purpose, different kinds of ratios
are calculated such as profitability ratio, liquidity ratio and many more. The further part
of report concludes about range of techniques of management and financial accounting
such as fund flow analysis, standard costing etc.

APPENDICES
1. Profitability ratio- It can be defined as a kinds of ratio which is calculated by business
entities in order to assess the value of profits that are gained during a particular time
period. This consists different kids of ratios such as:
 Gross profit ratio- This is a type of ratio that is calculated in order to assess
relation between gross profit and net sales. It is calculated by a formula that is as
follows: Gross profit= Gross profit/net sales * 100. In the aspect of above
Sainsbury's plc, this ratio is calculated below:
2016 2017 2018 2019
Gross profit 1456 1634 1882 2007
Net sales 23506 26224 28456 29007
Calculation 1456/23506*100 1634/26224*10
0
1882/28456*100 2007/29007*100
Gross profit
ratio
6.19% 6.23% 6.61% 6.92%
 Operating profit ratio- It is a type of ratio that states the relation between
operating profit and net sales. This is calculated by a formula which is as:
Operating profit/ net sales*100.
2016 2017 2018 2019
Operating profit 707 642 518 312
Net sales 23506 26224 28456 29007
Calculation 707/23506*100 642/26224*100 518/28456*100 312/29007*100
Operating profit
ratio
3.00% 2.45% 1.82% 1.07%

 Net profit margin- This ratio is computed in order to find out actual amount of
income which is gained after deducting all expenses. This is calculated by a
formula which is as: net profit/ net sales*100.
2016 2017 2018 2019
Net profit 471 377 309 219
Net sales 23506 26224 28456 29007
Calculation 471/23506*100 377/26224*100 309/28456*100 219/29007*100
Net profit ratio 2.00% 1.44% 1.08% 0.75%
 Return on capital employed- It is a kinds of ratio which determine the efficiency of
companies in order to gain return on capital that is involved in businesses. This is
calculated by a formula that is as: Operating profit/ capital employed*100
2016 2017 2018 2019
Operating profit 707 642 518 312
Capital
employed
10249 11164 11699 12124
Calculation 707/10249*100 642/11164*100 518/11699*100 312/12124*100
Return on
capital
employed
6.90% 5.75% 4.43% 2.57%
2. Liquidity ratio- It can be defined as a kinds of ratio that defines about liquidity position
of business entities. There two kinds of ratios that are as follows:
 Current ratio- This is a ratio that states relation between current assets and
current liabilities in order to find out efficiency of businesses to make payment of
short term debts. It is calculated by formula that is as: Current assets/ current
liabilities.
2016 2017 2018 2019

Current assets 4444 6322 7866 7589
Current
liabilities
6724 8573 10302 11417
Calculation 4444/6724 6322/8573 7866/10302 7589/11417
Current ratio 0.66 times 0.74 times 0.76 times 0.66 times
 Quick ratio- It is a ratio which is calculated in order to assess the relation
between quick assets and current liabilities during a particular time period. It is
calculated by formula that is as: quick assets/ current liabilities.
2016 2017 2018 2019
Quick assets 3476 4547 6056 5660
Current
liabilities
6724 8573 10302 11417
Calculation 3476/6724 4547/8573 6056/10302 5660/11417
Quick ratio 0.52 times 0.53 times 0.59 times 0.49 times
3. Efficiency ratio- This is a type of ratio which is calculated by companies in order to
assess the efficiency of using their assets and liabilities in internal aspect. It consists
below mentioned ratios that are as follows:
 Accounts receivable turn over ratio: Credit sales/ accounts receivable
2016 2017 2018 2019
Credit sales 23506 26224 28456 29007
Accounts
receivable
96 106 117 144
Calculation 23506/96 26224/106 28456/117 29007/144
Accounts
receivable turn
245 times/ year 247 times/ year 243 times/ year 201 times/ year

over ratio
 Inventory turn over ratio- Cost of good sold/ inventory
2016 2017 2018 2019
Cost of good
sold
22050 24590 26574 27000
Stock 968 1775 1810 1929
Calculation 22050/968 24590/1775 26574/1810 27000/1929
Inventory turn
over ratio
22.78 times/
year
13.85 times/
year
14.68 times/
year
14 times/ year
 Accounts payable turn over ratio- Credit sales/ accounts payables
2016 2017 2018 2019
Credit sales 23506 26224 28456 29007
Accounts
payables
2082 2685 2852 3044
Calculation 23506/2082 26224/2685 28456/2852 29007/3044
Accounts
payable turn
over ratio
11.29 times/
year
9.77 times/ year 9.98 times/ year 9.52 times/ year
 Total assets turn over ratio- Net sales/ total assets
2016 2017 2018 2019
Net sales 23506 26224 28456 29007
Total assets 16973 19737 22001 23541

Calculation 23506/16973 26224/19737 28456/22001 29007/23541
Total assets
turn over ratio
1.38 1.33 1.29 1.23
 Fixed assets turn over ratio- Net sales/ fixed assets
2016 2017 2018 2019
Net sales 23506 26224 28456 29007
Fixed assets 12529 13415 14135 15952
Calculation 23506/12529 26224/13415 28456/14135 29007/15952
Fixed assets
turn over ratio
1.88 1.95 2.01 1.82

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Online:
About Sainsbury's plc. 2019. [online] available
through:<https://www.about.sainsburys.co.uk/>
About Sainsbury's plc financial statements. 2019. [online] available
through:<http://financials.morningstar.com/balance-sheet/bs.html?
t=SBRY&region=gbr&culture=en-US>