Sainsbury chief calls for rate cuts to kick-start consumer spending as Argos sales slump By Emily Hawkins Updated: 22:05, 2 July 2024 e-mail 1 View comments Sainsbury’s boss has called for interest rate cuts to kick-start consumer spending as strong supermarket sales were hit by woes at Argos. Simon Roberts said ‘customers are continuing to be cautious’. He added: ‘Until we see sequential interest rate cuts, hopefully as soon as possible, that caution from consumers is going to continue on those more discretionary items.
’ Hesitancy from shoppers to spend on non-essentials contributed to a 6.2% fall in sales at Argos in the 16 weeks to June 22 compared to last year There are hopes of an interest rate cut this summer. Hesitancy from shoppers to spend on non-essentials contributed to a 6.
2 per cent fall in sales at Argos in the 16 weeks to June 22 compared to last year. Sainsbury’s – Britain’s second biggest supermarket – also blamed an ‘unseasonal start to summer’ that deterred Brits from buying products from its home, garden and outdoor furniture departments. But when the sun came out last week, it sold more fans than it had done all year.
Argos has been an area of concern for a while, recording a 4.7 per cent fall in sales in the previous quarter. RELATED ARTICLES Previous 1 Next Blow for Musk as Tesla sales tumble again amid fierce.
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