Sainsbury’s has announced it has terminated discussions with Chinese e-commerce leader JD.com regarding the proposed sale of Argos, citing a shift in terms that no longer supported the interests of shareholders, employees, or wider stakeholders. Argos, currently the UK’s second-largest general merchandise retailer, operating more than 1,100 collection points will continue to be part of the Sainsbury’s group for the foreseeable future.
According to the supermarket, JD.com had presented “materially revised” terms, prompting Sainsbury’s to call off negotiations. The company stressed that the changes would not serve long-term strategic or financial interests. Instead, Sainsbury’s will remain committed to its “More Argos, more often” strategy, which it says is progressing well, with summer trading meeting expectations.
Sainsbury’s has reaffirmed its financial targets for the 2025/26 financial year, including an anticipated retail operating profit of approximately £1 billion and free cash flow exceeding £500 million.
The FTSE 100 index opened higher, climbing six points to 9,289 in early trading, while Brent crude oil futures were trading up 0.26%, reaching $66.80 a barrel.
Recent company results include HgCapital Trust, which published its half-year results today. Forthcoming reports slated for release tomorrow include City of London Investment’s full-year results, along with updates from Harworth Group, JTC, Kier Group, and Trustpilot Group, all presenting their respective half-year or full-year figures.
