Sainbury report first-ever loss

Britain’s third- largest supermarket chain, J Sainsbury Plc, reported the first-ever loss in its 135-year history as sales dropped 10% and Chief Executive Officer Justin King cut jobs and closed stores.

The net loss of £88 million ($164m) in the fiscal first half was caused by a dividend payment made to investors after this year’s sale of US supermarket chain Shaw’s.

Sales fell to £8.19 billion, the biggest semi-annual drop in at least five years.