Sainsbury’s has revealed falling annual profits as it took a hit from soaring costs but said it is “determined to battle inflation for our customers”.
Britain’s second-largest grocery chain reported a 5 per cent fall in underlying pre-tax profits to £690m for the year to March 4 as it spent £560m on prices, saying inflation in its stores was less than half that seen across the sector as it also sought to compete with discounters Aldi and Lidl.
