Sainsbury's CEO: 'We have fantastic growth prospects'

Sainsbury's has posted a fall in pre-tax profits despite rising sales, as conditions remain "challenging".

Profits fell 1.4% to £788m ($1.2bn; 931m euros) for the year to 16 March, while sales, including fuel, rose 4.5% to £23.3bn.

The supermarket also confirmed that it will pay Lloyds Banking Group £248m for the remaining 50% of Sainsbury's Bank it does not already own.

Chief executive Justin King said that 'customer trust' was a big part of their success.