Sainsbury's issues new profits warning

Sainsbury’s showed further evidence it was suffering at the hands of price-cutting rivals today as it warned that first-half profits would slump by nearly two-thirds.

Sainsbury’s showed further evidence it was suffering at the hands of price-cutting rivals today as it warned that firs- half profits would slump by nearly two-thirds.

Shares slipped to a 15-month low after the embattled retailer gave its third warning on profits this year, although analysts said continued bid talk and the prospect of a trading review next week had prevented the stock falling further.