Sainsbury's chief misses out on bonus after failure to hit targets
Sainsbury's boss Mike Coupe saw his pay packet fall 16% to £2.3 million last year after the supermarket's lacklustre performance meant he missed out on an annual bonus.
The chief executive raked in a £929,000 base salary, a £716,000 deferred share award and £408,000 as part of a long term incentive plan, according to the firm's annual report.
However, Mr Coupe did not receive an annual bonus because of a failure to hit profit and sales targets, resulting in his total pay packet falling from £2.8 million to £2.3 million.
Last year, the supermarket chief pocketed £767,000 under the scheme.
Profits at Sainsbury's fell 8.2% to £503 million last year, well short of the £540 million threshold to trigger a bonus payout.
The group's £25.5 billion revenue figure also fell short of the £25.9 billion threshold.
Sainsbury's said: "Overall financial results for the year were good in the context of a challenging and competitive trading environment.
"However, the profit and sales outcomes were below the threshold performance hurdles due to the stretch of the targets."
Sainsbury's, which last year acquired Argos, recently warned a squeeze on household spending was impacting general merchandise and clothing sales growth as Brexit-fuelled inflation outstrips wage increases.
For the coming year, Mr Coupe has been handed a 1.5% rise in basic salary to £943,428.
John Rogers, who heads up Argos, also missed out on a bonus and saw his total pay packet fall from £1.8 million to £1.6 million.