Argos boosts Home Retail Group
HOME Retail Group yesterday reported a ninth successive period of growth at Argos, but said the group’s full-year result will depend on the all-important Christmas trading period.
Sales at Argos were up 1.4 per cent to £901m for the 13 weeks to 30 August, while like-for-like sales grew by 1.2 per cent. Higher sales of electrical products such as TV and video games added to the result.
Homebase sales were down 2.8 per cent to £390m after several store closures. However like-for-like sales edged up 0.1 per cent, as sales of big ticket products offset a decline in seasonal products.
Chief executive John Walden said the group still expected to report full-year profits “in line with current market expectations”, but added that “inconsistent” spending suggested “there is not yet a sustainable, broad-based consumer recovery”.