Annual sales at Sainsbury’s were down by 1.1 per cent for the year to 12 March, coming in at £25.8bn with underlying profits down to £587 million. The business had slashed prices during the year to compete with discounters yet had continued to open convenience stores. It had also enjoyed an increase of 8.5 per cent in clothing sales and online sales had grown by 9 per cent. Market watchers are now waiting to see what impact the supermarket chain’s ‘in progress’ acquisition and integration of the Argos business will have. Many consider that the placing of Argos stores and Argos click & collect service desks within Sainsbury’s larger supermarkets will bring new footfall into its outlets and further boost sales of its clothing and homewares lines as well as groceries.
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