Sainsbury's (SBRY) sells Argos for £120 million to Swift Partners

Sainsbury's (SBRY) has agreed to sell Argos for £120 million to Swift Partners, led by former Co-operative Group boss Richard Pennycook. The sale allows Sainsbury's to concentrate on its core food business, with Argos continuing operations within Sainsbury's locations. This deal, set for completion in February 2024, comes a decade after Sainsbury's acquired Argos for £1.3 billion. Argos operates 667 shops in the UK and reported a 0.5% decline in sales in the last three months, although Sainsbury's overall group sales increased by 3.1%. This development is significant for investors monitoring Sainsbury's strategic direction and financial performance.