Sainsbury's reports lower profits
Sainsburys has reported a fall in its full year underlying pre-tax profits as ongoing pricing pressures and food price deflation impacted sales and operating margins.
In the year to 12 March, underlying pre-tax profit dropped by 13.8% to £587 million.
Statutory pre-tax profit, which includes property, pensions and one-off costs, was £548 million. This compares to a loss of £72 million in the previous year.
Meanwhile, underlying group sales fell by 1.1% to £25.8 billion with like-for-like sales edging down 0.9%.
Mike Coupe, chief executive of Sainsbury's, said: "We are making good progress against the strategy we outlined to shareholders in November 2014. We continue to outperform our main supermarket peers and maintain market share in a competitive, deflationary environment.
"The market is competitive, and it will remain so for the foreseeable future. We believe we have the right strategy in place and are taking the right decisions to achieve our vision to be the most trusted retailer where people love to work and shop."
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