Sep 25, 2019

Sainsbury's to close 60 Argos stores as profit set to dip

Sainsbury's will close 60-70 Argos stores as it adds more of the catalogue shop's outlets to its own stores. The move comes as the UK's second largest supermarket chain warned investors that profit for the six months to 21 September will dip. The supermarket will also cease new mortgage sales as part of a plan to make its financial services division more profitable. Sainsbury's reported sales for the three months to 21 September for stores open at least a year and excluding fuel dropped 0.2%. Clothing and food sales rose, while household goods sales dropped 2%. The firm will open 110 new convenience stores and close 30-40, it said. Fewer items on promotion and fewer new video game and toy releases hurt sales at Argos, he said, while its Tu brand of clothing performed well.

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