Sainsbury’s has called off discussions with Chinese e-commerce giant JD.com about selling its Argos business.
The supermarket said this morning that JD.com had shifted to “materially revised” terms that were not in the best interests of shareholders, staff or other stakeholders.
Argos — the UK’s second-largest general merchandise retailer, with over 1,100 collection points — will remain part of the group.
Sainsbury’s said its “More Argos, more often” strategy is making good progress, with summer trading in line with expectations.
The company reaffirmed guidance for the 2025/26 year, targeting around £1 billion in retail operating profit and more than £500 million in free cash flow.
FTSE 100
The UK's flagship share index, the FTSE 100, was up six-points at 9,289 shortly after opening this morning.
Brent crude oil futures were up 0.26% at $66.80 a barrel.
Companies reporting today
- HgCapital Trust - Half Year Results
Companies reporting tomorrow
- City of London Investment - Full Year Results
- Harworth Group - Half Year Results
- JTC - Half Year Results
- Kier Group - Full Year Results
- Trustpilot Group - Half Year Results