Sainsburys reports first ever loss

British supermarket chain Sainsbury’s slumped to its first-ever loss today after counting the cost of the restructuring needed to revive its fortunes.

The troubled group posted losses of £39m (€55.7m) in the six months to September 30, down from profits of £323m (€461m) a year earlier.

Stripping out £168m (€240m) of exceptional items, Sainsbury’s achieved underlying profits of £131m (€187m) – in line with the City’s recently revised expectations.