Sainsbury's today dumped plans for dozens of new superstores after it announced pre-tax losses of £290million in the last six months and warned they may be squeezed for years. Britain's third biggest chain, behind Asda and Tesco, said today it needs to respond to changing shopping habits. Customers have been flocking to discounters like Lidl and Aldi, smaller convenience stores or shopping online. In the face of its worst results for a decade the supermarket giant admitted it needs to improve the quality of 3,000 own-brand products and would invest £150million in cutting its prices. Struggling: Sainsbury's reported pre-tax losses of £290m for the past six months as it said it would launch a price war to win back customers
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Britain's third biggest supermarket made pre-tax losses of £290million
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Giant sets aside £150m to cut prices and will improve own-brand products
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Boss admits customers are heading to discounters like Lidl and Aldi
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Mothballing plans for stores and warns industry will be squeezed for years
@placeholder and Sainsbury’s also offer vouchers where one of their mainstream rivals – other than Aldi and Lidl – are cheaper.