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British supermarket Sainsbury has reported a 9 per cent fall in first half profit today and a slowdown in quarterly sales growth.
The fall in profits was due to price cutting, wage cost inflation and the consolidation of Argos, BBC stated.
Sainsbury has maintained that it is doing what it can and has “updated and improved” 70 of its food ranges. Its online offering is also doing well, with sales growing seven per cent, while sales at its convenience offerings grew eight per cent.
Talking about how he was ‘very pleased with progress’, Chief executive Mike Coupe said: “We have delivered a good performance across the Group in the last six months, with more customers choosing to shop at Sainsbury’s in the first half than ever before. We are now three years into delivering our differentiated strategy and are seeing clear results.
“We continue to focus on offering our customers great value, supported by our removal of multibuys. Customers can shop at Sainsbury’s knowing they get good value every day without having to wait for products to be on promotion. We are also collaborating with suppliers and working hard within our own business to reduce our costs and limit the impact of price inflation on our customers,” he added.
The company said its full-year profit forecast remained ‘in line’ with market expectations.