Sainsbury to Push Investments After Loss of Asda Merger
Still stinging a bit from the blockage of its merger with Walmart-owned Asda, Sainsbury’s announced it would increase investments in its core business by improving 400 supermarkets this year. The grocery retailer also said it would work to reduce its net debt by £600 million (about $783 million) over the next three years.
However, underlying pre-tax profit for the year did exceeded expectations to rise by 7.8% to £635 million ($829 million), aided by synergies from the Argos general merchandise business it purchased in 2016.
Read more at CNBC.