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Justin King sells £1m of Sainsbury's shares

Sainsbury’s outgoing chief executive Justin King has sold £1m worth of shares in the supermarket ahead of his departure in July.

King sold 319,919 shares at £3.28, worth £1.05m, two months before he is due to stand down from the retailer.

It is understood that he sold the shares for personal reasons.

The sale represents roughly a quarter of King’s holding in Sainsbury’s and comes amid pressure on the retailer from shortsellers, who are betting heavily that the company’s shares will fall, according to The Telegraph.

King completed the share sale on Thursday, a day after Sainsbury’s posted record annual profits but warned sales could be flat over the next year.

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