Nov 8, 2018

Sainsbury's sees boost from Argos takeover

Sainsbury's says its latest half-year results have been boosted by its takeover of catalogue retailer Argos. Adding Argos stores in Sainsbury's outlets was "Driving an increase in trading intensity", the retailer said. The profit figure was pushed down by costs related to restructuring store management teams and preparing for the Asda deal, which is being examined by competition authorities. He told the BBC's Today programme: "It's a pleasing set of results against a difficult market backdrop, largely driven by the acquisition synergies from the Argos business." "Julie Palmer, partner at Begbies Traynor, said:"The purchase of Argos has been a well-crafted tactical decision to draw greater footfall into its stores and reduce cost savings measures, with 90 Argos units expected to be opened in stores this financial year.

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