Sainsbury's expects supermarket price war and rising costs to hit profits [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
The group joined Tesco, Next and Marks & Spencer as one of a handful of retailers who have made £1bn in profits in the year to 1 March, but it does not expect to beat that figure this year despite plans to cut costs with more automation and warehouse closures. Simon Roberts, the chief executive of Sainsbury's, indicated that the group was ready to take on Asda, which has pledged to cut prices in an attempt to win back market share, saying his business was “committed, above all else, to sustaining the strong competitive position we have built – consistently giving customers the great value they have come to expect”. Roberts said there was “pressure in the system” from the national insurance and minimum wage rises that came in this month, as well as new regulations on packaging that would inevitably “feed through to inflation”. However, he said the group would continue to invest in keeping prices down after spending £1bn doing so over the last four years. The CEO said the company
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