Sainsbury’s like-for-like sales fell 1.6 per cent and pre-tax profit dropped by 17.9 per cent in the second half of this year, the retailer has announced.
Food sales declined by almost one per cent, while online groceries sales grew by seven per cent, with orders up almost 14 per cent.
The company said its strategy is “on track in a highly competitive market” despite the figures, which cover the 28 weeks to 26 September 2015.
Convenience grew by nearly 11 per cent after Sainsbury’s opened 37 new stores, taking the total to 741. A £150 million investment in price has 'helped drive transaction growth', the company said, promising that it would “continue to remain competitive on price”.
Chief executive Mike Coupe said the business is making good progress against its strategy to deliver “volume and transaction growth”. “We now expect savings of around £225 million by the end of this financial year and we are on track to deliver our target of £500 million cost savings over the next three years,” he said.
“The grocery retail marketplace remains challenging but Sainsbury’s is a great business, run by an experienced management team, supported by talented colleagues and strong values. I am confident we are making progress and we are looking forward to a successful Christmas, offering our customers fantastic products and great value.'
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