Sainsbury’s invests £150m to compete with Aldi and Lidl as profits fall 6.3%
Sainsbury’s has reported its worst performance in over a decade as profit before tax fell 6.3 per cent in the six months to the end of September to £375m.
Meanwhile, like-for-like sales dropped 2.1 per cent with chief executive Mike Coupe stating they are likely to continue falling over “the next few years”.
Coupe said the current market is a “perfect storm” of challenges which he hasn’t encountered in his 30 years in the grocery sector.
In response, Sainsbury’s has ploughed £150m into a price cut strategy to compete with the likes of Aldi and Lidl.
Complementing this “investment”, Coupe revealed up to 15 Read full story ›
Source: The Drum
