SAINSBURY’S To close 60 Argos stores as profit set to dip

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Sainsbury’s will close 60-70 Argos stores as it adds more of the catalogue shop’s outlets to its own stores.

The company will open about 80 Argos concessions in its supermarkets, it said in a trading update.

The move comes as the UK’s second-largest supermarket chain warned investors that profit for the six months to 21 September will dip.

It blamed bad weather and higher marketing costs for the forecast £50m drop on the period last year.

The supermarket will also cease new mortgage sales as part of a plan to make its financial services division more profitable.

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