Sainsbury’s profits dive more than 90% as store closures cost £200m

Grocer has shut dozens of Argos stores and 15 supermarkets as it battles against discount rivals

The £200m cost of closing 15 supermarkets and dozens of Argos stores has all but wiped out profits at Sainsbury’s as the supermarket faces rising competition from discount rivals.

The UK’s second largest grocer said pretax profits dived more than 90% to £9m in the six months to 21 September after the one-off property write-down, compared with £107m in the same period a year before. It also spent £25m in redundancy costs related to reorganising store management and closing an Argos delivery depot.

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