British retailer Sainsbury's has reported a fall in profits, highlighting tough competition in the supermarket sector.
Its underlying profits fell to £587 million ($850 million) for the year to March 12. That was down from £681 million ($986 million) in the previous year, the BBC reported.
British supermarkets are locked in a battle to cut prices. "Prices are actually 4 percent lower, would you believe, than two years ago and that's a reflection of the fact that the market is fiercely competitive—and it will remain so for the foreseeable future," Mike Coupe, Sainsbury's chief executive, said.
Sainsbury's shares fell 4 percent following the announcement.
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