Profits fall and shares slump at Sainsbury’s
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.
SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews
Follow us on Twitter: https://twitter.com/skynews and https://twitter.com/skynewsbreak
Like us on Facebook: https://www.facebook.com/skynews
For more content go to http://news.sky.com and download our apps: