LONDON:

British supermarket Sainsbury’s reported an 18 percent fall in first half profit, hurt by food deflation, including its own price cuts.

The firm reported a profit before tax and one off items of £308 million ($467 million) for the 28 weeks to Sept 26, its lowest first half profit for six years and down from £375 million in the same period last year.

However, it was ahead of analysts’ average forecast of 293 million.

A year ago Sainsbury’s Chief Executive Mike Coupe set out a strategy to stem the flow of shoppers to discounters Aldi and Lidl with price cuts and improvements to product quality and availability and customer service, financed by cost savings and dividend reductions. (RTRS)

BMW