It’s too early to start the valedictions on Justin King, though it is surely certain, despite his refusal to comment on frenzied rumour and speculation this week, that JK will be leaving Sainsbury’s soon. But in the week newspapers were devoting entire supplements to his hero, Sir Alex Ferguson, what has been his contribution?

After close to 10 years, King is almost as synonymous with Sainsbury’s as Sir Terry Leahy is with Tesco, or Paul Walsh (a knighthood surely beckons) is with Diageo. You don’t even need to cut him open to see that King’s blood runs orange.

“Sainsbury’s has been written off more times than the England cricket team under Justin King, but he’s shown himself to be a real leader”

Adam Leyland, Editor

And what he’s achieved has surely been more impressive than many analysts and commentators give him credit for. One this week cited 2004 figures to show pre-tax profits had increased by only 12% during King’s reign (from £675m to £756m), despite sales growing by 65% (from £15.5bn to £25.6bn). And there’s no doubt Sainsbury’s has invested a lot of money in capex under King. But the Sainsbury’s he inherited in 2004 was in poor shape, hampered by chronic availability issues after disastrous supply chain investments, and forced to exit the US. The 2005 figures give a better indication of the true picture. Underlying profits were £254m. And after (cleverly) announcing exceptional costs of £560m, pre-tax profits totalled £15m.

It’s worth remembering, too, as Sainsbury’s reported this week the now significant and growing contribution from its 523-strong c-store operation, that in 2005, Sainsbury’s was more inclined to close Local stores than open them, earmarking 12 for closure. Its bank joint venture with Lloyds (it bought out the remaining 50% stake this week) was also completely unaligned with its core customer base, as likely to sell to Tesco customers as Sainsbury’s ones. That’s changed too.

Sainsbury’s has been written off more times than the England cricket team under King’s leadership. But in navigating its turnaround, and subsequently setting Sainsbury’s on a course first to recovery and then to credible growth, in such turbulent conditions, he’s shown himself to be a real leader: passionate, innovative, very confident, savvy, persuasive, robust, and indefatigably resolute.

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