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Sainsbury's profits top £1bn after closing all cafes and cutting 3,000 jobs
Annual profits at the UK's second biggest supermarket, Sainsbury's, have reached £1bn.
The supermarket chain reported that sales and profits grew over the year to March. It also comes after Sainsbury's announced in January plans to close of all of its in-store cafes and the loss of 3,000 jobs.
But the high profits are not expected to increase, according to Sainsbury's, which warned of heightened competition as a supermarket price war heats up. Tesco too warned of "intensification of competition" last week, as Asda's executive chairman earlier this year committed to foregoing profits in favour of price cuts.
Sainsbury's said it had spent £1bn lowering prices, leading to a "record-breaking year in grocery.
Amir Nisi
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