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Sainsbury’s sales and profits fall despite price cuts

Sainsbury’s sales and profits fall despite price cuts

Business
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
Sainsbury’s sales slide despite deep discounts

Sainsbury’s sales slide despite deep discounts

Business
Deep discounting has failed to stem the slide in sales for Sainsbury's.The supermarket giant says it has cut prices on more than 1,000 everyday food and grocery products since February.Yet in its latest quarterly trading statement, it reports a fall of 1.2% in its total sales, excluding fuel.Chief executive Mike Coupe complained of a "tough trading environment", but said Sainsbury's was making progress. The firm said: "Retail markets remain highly competitive and promotional."The results cover the 16 weeks to 29 June. Like-for-like sales, which ignore the boost that a retailer gets from opening new stores, were even worse, falling by 1.6%.The supermarket is still reeling from its failed bid to merge with rival Asda, which was blocked in April by the UK's ...