(MENAFN) British supermarket giant Sainsbury's announced sinking into an annual loss due to fierce competition from German-owned discounters Aldi and Lidl, AFP reported.
Sainsbury's posted a loss after tax of USD253 million for the year to March 14 compared with net profit of USD1.08 billion in 2013-14. Underlying pre-tax profit slid 14.7 percent to USD1.03 billion.
Mirroring a situation at Britain's biggest retailer Tesco, Sainsbury's said it had taken a sizeable writedown on the value of its property after slashing future earnings potential.
Britain's biggest supermarket said it had taken an impairment charge of USD950.85 million linked to the value of existing property and a withdrawal from planned store openings.
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