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| Sainsbury's profits fall 10% as first-half sales fall | Sainsbury's profits fall 10% as first-half sales fall |
| (about 1 hour later) | |
| Sainsbury's has posted a 10.1% fall in first-half profits to £277m as sales continued to decline. | Sainsbury's has posted a 10.1% fall in first-half profits to £277m as sales continued to decline. |
| The supermarket giant said like-for-like sales sales fell 1% in the 28 weeks to 24 September. | The supermarket giant said like-for-like sales sales fell 1% in the 28 weeks to 24 September. |
| It said that while the market remains strong, "pricing pressures continue to impact margins". | It said that while the market remains strong, "pricing pressures continue to impact margins". |
| Sainsbury's added that the effect of the slump in sterling on retailers was "uncertain" as it braces for an increase in costs over the second half. | Sainsbury's added that the effect of the slump in sterling on retailers was "uncertain" as it braces for an increase in costs over the second half. |
| Shares in the UK's second biggest supermarket fell more than 6% in morning trading on the FTSE 100. | |
| Despite the fall in sales, chief executive Mike Coupe said Sainsbury's had made "good progress" on delivering its strategy for the UK. | Despite the fall in sales, chief executive Mike Coupe said Sainsbury's had made "good progress" on delivering its strategy for the UK. |
| "We have invested in the quality of our products while reducing prices on everyday items, delivering volume growth and outperforming the market in customer service and availability," he said. | "We have invested in the quality of our products while reducing prices on everyday items, delivering volume growth and outperforming the market in customer service and availability," he said. |
| Earlier this year, Sainsbury's bought retailer Argos-owned Home Retail Group to expand its non-food offering in the stores. | Earlier this year, Sainsbury's bought retailer Argos-owned Home Retail Group to expand its non-food offering in the stores. |
| Mr Coupe said: "By Christmas we will open 30 Argos digital stores and create a further 30 Argos digital collection points in our supermarkets." | Mr Coupe said: "By Christmas we will open 30 Argos digital stores and create a further 30 Argos digital collection points in our supermarkets." |
| Sainsbury's wants to put 250 Argos outlets in supermarkets over the next three years. | |
| German discount chains Aldi and Lidl have expanded rapidly in the UK, undercutting Sainsbury's and its rivals, including Tesco, Morrisons and Asda. | German discount chains Aldi and Lidl have expanded rapidly in the UK, undercutting Sainsbury's and its rivals, including Tesco, Morrisons and Asda. |
| The supermarket chain fought back by cutting prices on its everyday products rather than run promotions. | The supermarket chain fought back by cutting prices on its everyday products rather than run promotions. |