Supermarket takes 拢92m hit after axing new stores

Sainsbury鈥檚 has ditched 15 planned superstore developments at a cost of 拢92m, after carrying out a review of its property pipeline.

The move is part of a shift in focus to smaller Sainsbury鈥檚 Local stores. The retail giant will continue to push ahead with aggresive expansion plans for its network of Sainsbury鈥檚 Local stores, with around two set to open a week.

Sainsbury鈥檚 Locals will exceed the number of superstores later this financial year, Sainsbury鈥檚 says.

Meanwhile Sainsbury鈥檚 online grocery sales hit 拢1bn for the first time during the period.

The retail giant announced the updates while posting interim half-year results on Wednesday, including a 7% rise in pre-tax profits to 拢400m.

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