Sainsburys heading for profit, insists chief


31 May 2001



Sainsbury’s heading for profit, insists chief

By FWi staff

SAINSBURYS is set for a turnaround despite a second year of annual profit decline, insists the chief executive of the supermarket group.

Sir Peter Davis said the group had stabilised with customer numbers improving and cost savings on target, reports the Financial Times.

The supermarket chain announced a 14.7% fall in pre-tax profit to 434 million with underlying profit, before exceptional items, of 549m, down 5.3%.

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