Argos sales up as supermarket chain delivers positive Q1

Supermarket group Sainsbury’s, owners of furniture brand Habitat, has reported a growth in overall sales for the first quarter.

According to its latest trading update for Q1 to 24 June 2023, total like-for-like sales were up 9.8%, with General Merchandise sales increasing by 4%. Argos sales during the period rose 5.1%.

During the quarter, Argos sales growth was diluted by c.1.1% (c.0.2% of Total Retail exc. fuel sales) by the closure process for Argos in the Republic of Ireland.

Sainsbury’s said that its outlook remains unchanged and continues to expect FY23/24 underlying profit before tax of between £640m and £700m, whiling generating at least £500m of Retail free cash flow.

Commenting on the results, Simon Roberts, Chief Executive of J Sainsbury plc, said: “We are putting all of our energy and focus into battling inflation so that customers get the very best prices when they shop with us, particularly now as household budgets are under more pressure than ever.

“Customers can see that prices at Sainsbury’s have improved and this combination of great value and some good weather in recent weeks means we have grown our food volumes and market share. The progress we have made improving availability, value and convenience at Argos means we are well placed to deliver for customers in Argos’s 50th birthday year.

“Our colleagues are so important to delivering leading standards of customer service and we continue to do everything we can to support with the cost of living. Colleagues tell us how much they appreciate the free food in stores, distribution centres and contact centres and we have now extended this indefinitely as well as offering additional discounts to help save money over the Summer.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment