Sky News
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Profits fall and shares slump at Sainsbury's
Posted
May 3, 2017
Views
3,107
Likes
26
Comments
12
Engagement
1.22%
May 3, 2017
3,107
26
12
1.22%
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3:42Now PlayingSainsbury'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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