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POST TIME: 8 November, 2019 00:00 00 AM / LAST MODIFIED: 8 November, 2019 12:13:50 AM
UK supermarket Sainsbury’s sinks into red on overhaul
AFP, London

UK supermarket Sainsbury’s sinks into red on
overhaul

Sainsbury’s plunged into a net loss in the first half on costly store closures, the British supermarket said yesterday — and after it recently failed to merge with Walmart-owned Asda. Sainsbury’s chalked up a loss after tax of £38 million ($49 million, 44 million euros) in the 28 weeks to September 21, the retailer said in a trading update.

That contrasted with net profit of £123 million a year earlier.

Pre-tax profit nosedived 92 per cent to £9.0 million.

Sainsbury’s, the nation’s second biggest supermarket company after retail king Tesco, said Thursday that it took a £203-million charge in the first half, mostly owing to store closures.

Sainsbury’s recently outlined plans to strip out £500 million in costs over the next five years.