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Sainsbury's to cut Argos standalone store numbers

Sainsbury’s is to close between 60 and 70 standalone branches of Argos- though it does plan to open more branches of the catalogue store inside its supermarkets.

A store estate review by the retailer, announced in its quarterly results statement, shows Sainsbury’s will close 10-15 supermarkets while opening ten new ones. It will also close 30-40 existing convenience stores, while opening around 110 in better locations. The company warned that profits for the six months to 21 September will be lower than in the same period last year.

“Sales momentum was stronger in all areas and we further improved our performance relative to our competitors, particularly in Grocery. We have focused on reducing prices on every day food and grocery products and expanding our range of value brands, which have been very popular with customers. At the same time, we are investing significantly in our supermarkets, driving consistent improvements to service and availability,” says Sainsbury’s CEO Mike Coupe.

"Argos continued to grow market share in key categories, but sales were impacted by reduced promotional activity and the timing of new product releases in gaming and toys. Clothing sales were boosted by clearance activity and strong online growth and Tu continued to grow market share1. Financial Services sales were in line with expectations."