Sainsbury's has reported a slump in pre-tax profits, with sales falling despite price cuts and new value ranges.The supermarket chain, which also owns Argos, said it had achieved "positive momentum in grocery market share" in highly competitive times. But it reported a 0.2% decline in group sales to £16.8bn over the 28 weeks to 21 September - its first half - with like-for-like sales, a comparable measure, falling 1%. Image: Sainsbury's has lowered prices on more than 1,000 lines since February Trading pre-tax profits fell 15% to £238m. Sainsbury's blamed the phasing out of cost savings and tough weather comparisons.On a statutory basis, pre-tax profits which include one-off costs came in at £9m. The figure covering the same period la
Marks and Spencer profits dropped in the first half of its financial year following a sharp fall in demand for its clothes and home goods.The High Street retailer said that while its food business was "outperforming the market", there had been issues in clothing and home.Marks and Spencer is undergoing a transformation plan led by chief executive Steve Rowe.He said after a "challenging" first half, it is now seeing improvements.Overall, pre-tax profits tumbled by 17% to £176.5m on total sales down 2.1% to £4.86bn.Like-for-like sales in clothing and home fell by 5.5% during the six months to 30 September, worse than an expected 4.3% drop.Despite that, in early morning FTSE 250 trading the company's shares were up 6.3% at 193.94 pence. M&S said there ha
HSBC is to step up costly restructuring plans after it reported a bigger than expected fall in quarterly profits and said business had become "more challenging" in recent months.The banking giant's interim chief executive Noel Quinn said previous plans - which already involved axing thousands of jobs - were "no longer sufficient". HSBC has been facing a gloomier business outlook hit by the US-China trade war as well as unrest in its key Hong Kong market and Brexit uncertainty in the UK.Pre-tax profits fell 18% to $ 4.8bn (£3.7bn) for the three months to the end of September compared with the same period last year and were lower than the $ 5.3bn (£4.1bn) expected by analysts.Shares were 5% lower in morning trading in London. Advertis
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By John-Paul Ford Rojas, business reporter Amazon more than doubled profits in the first quarter thanks to soaring demand for cloud computing and ad services - but forecast a more muted performance for the current period.The online retail giant reported a net income of $ 3.6bn, up from $ 1.6bn in the same period last year, as revenues rose 17% to $ 59.7bn. But its outlook for profits and sales in the second quarter fell short of analysts' expectations. Shares climbed about 1% in after-hours trading on Wall Street.Amazon's online retail sales of $ 29.5bn were up by 10% on the same period last year but it saw greater growth in revenues from third-party merchants paying to sell and advertise through its platform.Revenue from seller services rose 20% to $ 11.1bn w...