Sainsbury’s has announced its first full year loss for 10 years of £72 million.
Sainsbury’s has announced its first full year loss for 10 years of £72 million.
In its preliminary results for the 52 weeks ending 15 March underlying pre-tax profit fell by 14.7% to £681 million, compared with £798 million a year earlier. Like-for-like sales were down by 1.9%.
Chief executive Mike Coupe said: 'The UK marketplace is changing faster than at any time in the past 30 years which has impacted our profits, like-for-like sales and market share. However, we are making good progress with our strategy, and our investment in price and quality is showing encouraging early signs of volume and transaction growth.'
He continued: 'We also have significant opportunities to grow our business. Clothing, general merchandise and financial services have all performed well over the past 12 months, as have our convenience and online channels. We have a significant ambition to grow these areas over the coming years.'