Sainsbury's Food Sales Surge Despite Argos Struggles

Sainsbury's reports strong growth in food sales and market share, while Argos sales decline but show signs of recovery.

Sainsbury's food sales increased by 5% in the first half, outperforming the wider grocery market with a market share of 15.2%.
The company's overall group revenues rose by 2.3% to £17.2 billion, driven by a 3.4% increase in like-for-like retail sales.
Argos sales fell by 5% over the half-year, but the decline slowed significantly in the second quarter, indicating potential recovery.
Sainsbury's expects a strong performance during the festive season, bolstered by its premium 'Taste the Difference' range and Nectar pricing strategy.
Pre-tax profits for Sainsbury's increased by 4.7% to £356 million, despite a 51% drop in statutory pre-tax profit due to financial services restructuring.