Sainsbury’s announced a special dividend of of 7.3p and an interim dividend of 3.2p as it looked to gather investor support as it posted a loss of £137m for the half year to 19 September.
However, on an underlying basis, Sainsbury’s posted a profit before tax of £301m – reflective of a number of one-off costs experienced during the half year.
News regarding the future of Argos stole the headlines as Sainsbury’s revealed it will be cutting its standalone Argos stores to around 100 by March 2024.
To compensate for this, it will be adding more Argos stores and collection points to Sainsbury’s stores which will see the closure of 420 Argus standalone stores.
“Over the next three years we will make Argos a simpler, more efficient and more profitable business while still offering customers great convenience and value and improving availability.”Simon Roberts, CEO of Sainsbury’s
Shares in Sainsbury’s dropped by 3 percent following the update to the market.