Thursday, June 30, 2022

Sainsbury’s half-year profits nosedive 91% as it begins £500m cost-cutting

Sainsbury's half-year profits nosedive 91% as it begins £500m cost-cutting

Sainsbury’s books £203m hit from a series of store closures as it begins in £500m cost-cutting drive in earnest. Half-year pre-tax profits fell to £9m, down from £107m last year. On an underlying basis pre-tax profits were £238m, a 15% decline. Sales were flat at £15.1bn, but like-for-likes declined 1%

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