Sainsbury’s has reported a fall in annual profits as the supermarket price war continued to hurt the retailer.Underlying profits, which strip out one-off charges, fell to £587m for the year to 12 March. That was down from £681m in the previous year.
Pre-tax profits for the year were £548m, reversing last year’s £72m loss. That result was hit by charges related to the falling value of its properties.
In April, Sainsbury’s agreed to buy Argos-owner Home Retail Group.
Sainsbury’s has been suffering from the battle among supermarkets to cut prices and said that tough environment was unlikely to change anytime soon.
Sainsbury’s hit by falling food prices
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