Sainsbury’s has announced a 13.8% drop in pre-tax profit and a 0.9% dip in like-for-like sales in its annual results.
For the 52 weeks ending 12 March 2016 the group’s pre-tax profits fell from £681m to £587m amid a “competitive, deflationary environment”, according to chief executive Mike Coupe.
“The market is competitive, and it will remain so for the foreseeable future. We believe we have the right strategy in place and are taking the right decisions to achieve our vision to be the most trusted retailer where people love to work and shop,” he added.
He said the convenience channel recorded “strong growth”, with 69 new c-stores opening over the year generating over a 9% sales uplift.
Groceries Online achieved nearly 9% sales growth and order growth of nearly 15%. It has 101 click & collect grocery sites with a plan to increase this to 200 by the end of the next financial year.