UK retailer Sainsbury's has published interim results that indicate a fall of 2.1% in underlying group sales in the half year to 24 September, while like-for-like sales were down 1%.
Underlying profit before tax was down 10.1%, the retailer said.
Mike Coupe, Group Chief Executive of Sainsbury’s commented: "Food will always be at our heart and we are strengthening our Clothing, General Merchandise and Financial Services offers to realise the potential of the Group. (...) The market remains competitive and pricing pressures continue to impact margins. The full impact of the devaluation of sterling on retail prices is as yet uncertain, but we remain focussed on delivering our strategy."
According to the report, the group will focus on its "differentiated food proposition", with a new 'On the Go' range of sandwiches, sushi and salads and a 'Deliciously FreeFrom' range among the outlined strategies to stand out in Fresh Food retail.
The company expects to grow its Clothing and General Merchandise ranges and to integrate Argos - adding toys, electronic- and domestic appliances and homeware to its product range - and to develop the Sainsbury's Bank.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Martha Sparrius. To subscribe to ESM: The European Supermarket Magazine, click here.
