Sainsbury's pre-tax profits down 1.4% to £788 million

Supermarket chain Sainsbury's has revealed its full year pre-tax profits are down 1.4% to £788m.

Total sales (including VAT) are up 4.6% to £25.6 million.

Sainsbury's said it has seen good sales and profit growth. Credit: Rui Vieira/PA Wire

Plans have also been announced to take full ownership of Sainsbury’s Bank.

Justin King, chief executive said: We continue to invest in offering customers choices of how they shop with us, bringing our food, clothing and general merchandise to more customers.

"Our decision to take full ownership of Sainsbury?s Bank will add further momentum to our strategy of developing complementary channels for the benefit of both customers and shareholders".