Sainsbury’s said that food would always be at the heart of its business but that it was now the market leader in toys, small domestic appliances, electricals and homeware PA:Press AssociationSainsbury’s has reported a fall in first-half profits for the third consecutive year as the retailer announced that it would be cutting costs by a further £500 million. For the 28 weeks to September underlying pre-tax profits fell 10.1 per cent to £277 million as Sainsbury’s warned of the “uncertain” impact on prices from the slump in the pound. However profits before tax, which included the impact of the takeover of Home Retail and disposal of Homebase, came to £372 million, 9.7 per cent higher than last year. The company will pay a reduced interim dividend of 3.6p, down 10 per cent on last year, but management said that its full-year profit expectations for the group, including Argos, would be in line with market expectations.

Source: The Times November 09, 2016 09:24 UTC