Jim Armitage: Hard times ahead for Sainsbury's and Argos tie-upComments Off on Jim Armitage: Hard times ahead for Sainsbury's and Argos tie-up
Early days yet, but Sainsbury’s takeover of Argos is going better than critics (such as me) predicted.
Like-for-like sales growth of 2% at the chain in the quarter before the deal doubled to 4% in the one just after.
Momentum had been growing under previous management, but Sainsbury’s deserves credit for not mucking up the first weeks of integration during the key Christmas period.
The next big job: coping when currency hedges come to an end and Argos’s dollar-priced imports whack up prices in the catalogues. An unenviable task indeed.
Davos Forum boss Professor Klaus Schwab takes out an ad in today’s FT to puff the forthcoming back-scratching bonanza.
Calling on bosses to understand the needs of the great unwashed, he concludes: “The uniqueness of the Forum’s collaborative multistakeholder efforts consists in integrating multiple initiatives into a systems-level approach — always with the mission to improve the state of the world.”
I can’t think why voters are fed up with self-satisfied elites.