FRESH fears about the cost of living crisis emerged today when Sainsbury said it was being battered by inflation and admitted life “is tough for millions” of Britons.
Alongside Tesco, Sainsbury is one of only two of the big supermarkets left on the stock market, the others having been eaten by private equity.
That means it has to be upfront with investors about how tough it is finding the economy.
Chief executive Simon Roberts said: “We really get how tough it is for millions of households right now. Customers are watching every penny and every pound and we know that they are relying on us to keep food prices as low as we can.”
Half-year profits slumped by a third to £376 million as it pumped money into lower prices as it fights off the challenge from Aldi and Lidl.
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