Mixed results for supermarkets

Supermarket giant Tesco has reported a 12% drop in group pre-tax profits to £1.7 billion in the six months to August 25. However Sainsbury's has reported strong sales for the second quarter of the year, with total sales up 4.3 per cent.

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Sainsbury's boss on 'outperforming the market'

In a statement, Sainsbury's chief executive Justin King said:

This has been a unique and special summer, during which we have delivered another quarter of good sales, outperforming the market in what remains a challenging retail environment. Our total sales are up 4.3 per cent, and like-for-like sales up 1.9 per cent.

We expect the challenging economic backdrop to persist, but by helping our customers to Live Well For Less through competitive pricing, targeted promotions, quality own label products, and outstanding customer service, we are positioned to perform well coming into the important Christmas period."

– Sainsbury's chief executive Justin King

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