(Press Association) Supermarket giant Sainsbury’s has revealed sharply slowing sales growth and a 9% fall in half-year profits after moves to keep prices low in the face of inflation and cost pressures.
The group reported underlying pre-tax profits of £251m for the six months to 23 September, against £277m a year earlier.
Falling sales across general merchandise and Argos saw like-for-like sales growth pull back sharply to 0.6% in the second quarter, down from 2.3% in the first three months.
Total general merchandise sales dropped 1.6% in the second quarter, the group said.
Chief executive Mike Coupe said the market remained “competitive”, but insisted the group was seeing “clear results” of its three-year plan.