Sainsbury’s has revealed a slump in annual profits and admitted that the challenging grocery market could mean that it’s FIVE YEARS before it sees a return to steady earnings growth.

The supermarket warned of rising costs and falling consumer confidence as it revealed pre-tax profits fell by 8.2% to £503 million in the year to March.

As a result the shares were the biggest faller on the FTSE 100, losing 5 and three quarter percent.

Chief executive Mike Coupe tells Ian King why things are so difficult at the moment.

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