Updated: 10th November 2018
Sainsbury's Profits Up Following Argos Takeover
The half-year results for Sainsbury’s show that profits have increased by a fifth, following the acquisition of catalogue retailer, Argos.
The takeover of Argos and cost saving measures assisted in raising profits to £302m.
Sainsbury's chief executive, Mike Coupe, told the Today programme on BBC Radio 4, "It's a pleasing set of results against a difficult market backdrop, largely driven by the acquisition synergies from the Argos business."
Sainsbury’s, the second largest supermarket in the UK, unveiled plans earlier this year to acquire competitor supermarket, Asda, promising to become a “dynamic new player in UK retail, with an outstanding breadth of products delivered through multiple channels”.