Sainsbury’s profits decline as it fights to keep prices down
Sainsbury’s has reported a decline in profit as it “battles inflation” for customers, although its sales have edged up.
The supermarket reported underlying profit before tax of £690m, down 5% and at the top end of the £630m to £690m guidance range.
Group sales were up 5.4% in the 52 weeks ending March 4, while group revenue increased by 5.3%.
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