Sainsbury reveals £302m profit

Sainsbury’s half-year result show  £302m profits and cost saving after adding Argos outlets to Sainsbury’s stores, which plans to merge with rival Asda. The fate of this controversial merger is being decided by the Competition and Markets Authority and a decision is expected early in the year.

The UK’s second largest supermarket said pre-tax profits for 28 weeks to 22 September were £132m compared with £220m a year earlier.

Sainsbury’s CEO Mike Coupe said the grocery market remained “extremely competitive”.