Sainsbury CFO Sees `Very Tough Retailing Environment'

U.K. supermarket chain J Sainsbury Plc reported annual profit that beat estimates as the company outperformed peers in a market blighted by deflation and discount competition. Operating profit fell 11 percent to 700 million pounds ($1.02 billion) in the 52 weeks ended March 12, the country’s second-biggest grocer said in a statement Wednesday. Chief Financial Officer John Rogers goes through the numbers with Manus Cranny in Dubai and Anna Edwards in London on "Countdown."

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