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Sainsbury’s profits fall

Sainsbury’s has reported a 10.1% fall in underlying pre-tax profits for the 28 weeks to 24 September 2016 to £277m.

Sainsbury’s has reported a 10.1% fall in underlying pre-tax profits for the 28 weeks to 24 September 2016 to £277m.

During the half year like-for-like sales declined by 1.0% compared to the same period in 2015.

Despite the fall in profits chief executive Mike Coupe said: “Two years ago we set out our strategy to make our customers’ lives easier, offering great quality and service at fair prices, serving our customers whenever and wherever they want.  We have made good progress delivering this in challenging market conditions.

“We have invested in the quality of our products while reducing prices on everyday items, delivering volume growth and outperforming the market in customer service and availability.”

This year Sainsbury’s has opened a new online fulfilment centre to meet growing demand for home delivery groceries in London. It also acquired the Home Retail Group and says that by Christmas it will open 30 Argos digital stores and create a further 30 Argos digital collection points in its supermarkets.

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