Published On: Wed, Dec 24th, 2014

Shares of Retailer Sainsbury Decline following Glitch in Online Service

Sainsburys

J Sainsbury cancelled hundreds of shopping deliveries due to a website meltdown in the run-up to Christmas as a technical issue impeded the making or amending of orders on Sunday evening, with some users saying their orders disappeared from their accounts, although the company reassured them that their delivery would still arrive, iNVEZZ.com said on December 23.

The supermarket group said yesterday: “We experienced a brief technical issue with our website last night, which has now been fixed. Some customers experienced difficulties with booking or amending their delivery slot. We’re very sorry for the inconvenience caused. We would like to reassure customers who did not experience issues on the website last night that their confirmed orders will be delivered as expected.”

Sainsbury’s has revealed that over 30 percent more food orders had been placed via the internet for the week leading up to Christmas Day this year than last. Analysts predict shoppers will spend a total of £6.5 billion at the UK’s leading grocers in the two weeks up to Christmas, the report said.

A “temporary IT problem” on the Waitrose website also resulted in customers experiencing delays in their orders. The company warned that some customers would have to go into a local store to collect their Christmas supplies as the upmarket retailer did not have enough drivers to deliver the goods – alternatively they could face a “slight delay” in receiving the items, according to the report.

Sainsbury’s share price opened lower this morning. As of 08:45 GMT, the stock was changing hands at 239.50p – 0.04 percent down intraday, the report said.

According to the Financial Times, of the 18 analysts projecting 12 month price targets for Sainsbury’s, the median target is 250.00p, with a high estimate of 350.00p and a low of 155.00p. As of December 20, the consensus forecast amongst 46 polled investment analysts covering the supermarket group has it that investors should hold their position in the company.

Meanwhile, Shore Capital reaffirmed their sell rating on shares of J Sainsbury plc in a research note issued to investors on Thursday, The Legacy said on December 22.

Shares of J Sainsbury plc opened at 240.20 on Thursday. It has a 52-week low of GBX 209.50 and a 52-week high of GBX 383.30. The stock has a 50-day moving average of GBX 245.4 and a 200-day moving average of GBX 280.4, while the company’s market cap is £4.586 billion, the report said.

The company also recently declared a dividend, which is scheduled for Friday, January 2nd. Investors of record on November 20 will be given a dividend of GBX 5 ($0.08) per share. This represents a yield of 1.88%. The ex-dividend date of this dividend is November 20, said the report.

Read more about: , , , , , , , , , , , , , , , , , , ,

About the Author

Wordpress site Developed by Fixing WordPress Problems