Sainsbury's profits slide in aggressive market

Sainsbury's has posted its second year of profit decline, having sacrificed margins to keep market share as it tries to keep afloat in an intensifying pricing market. Underlying profits fell to £587m for the year to 12 March, down from £681m in the previous year while pre-tax profits were £548m, compared to last year's £72m loss.

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Sir Philp Green will face MPs

Former BHS owner Sir Philip Green has agreed to appear before MPs to answer questions about his running of the former high street giant.

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