Sainsbury has been losing market share to UK supermarket leader Tesco Plc and German discounters Aldi and Lidl, as Amazon.com Inc. and online grocer Ocado Group Plc make inroads in the food business.
London: J Sainsbury Plc took a £46mil (US$60mil) hit on its failed deal to acquire Walmart Inc’s Asda and vowed to invest in improving its stores as it prepares to fight the UK’s supermarket wars alone.
The UK grocer’s Plan B after antitrust regulators blocked the deal got a small boost yesterday as Sainsbury reported a full-year profit slightly above analysts’ expectations.
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