Argos reports sales drop on weak demand

(MENAFN) Video-games chain Argos reported a drop in sales on a slump in demand for video games and higher-priced televisions, expecting the pace to persist in the coming months, Oman Observer reported.

Sales at its Argos stores open for more than a year dropped by 5 percent in the first two months of the current year, much worse than the 0.2 percent decline the market had expected.

Meanwhile, sales at its Homebase DIY chain on the same measure also disappointed, dropping by 0.9 percent against predictions for a rise of 0.4 percent, the company said.

''That will have a bit of a drag on the sales momentum at Argos through the beginning of the new financial year," Home Retail Finance Director said in a statement.