Argos boss cautious after tough August


(MENAFN- ProactiveInvestors)Argos owner Home Retail (LON:HOME) confirmed August had been a tough month as sales fell again. 'Consistent with our previous guidance Argos' sales continued to be adversely impacted by the performance of a number of key electrical product categories as well as weaker overall market conditions in August.' Like-for-like sales in the three months to 29 August fell 2.8% to £897mln compared to a 3.9% decline to £846mln in the three months previously. John Walden chief executive said 50 digital concessions in Sainsbury's and Homebase had done well while plans for a new home delivery operation would be backed by a marketing and promotional push. Online sales accounted for 46% of sales during the last three months up from 44% last year. DIY chain Homebase did much better with sales rising by 5.9% in the last three months to £816mln and by 5.6% over the first half of the year. 'Homebase performed well across its peak trading season delivering good like-for-like sales growth in both quarters of the first half while continuing its progress on both its store closure programme and the Productivity Plan more broadly' Walden said He added the full year outook for Christmas was heavily dependent on Christmas which this year looked less predictable than usual.


ProactiveInvestors - UK

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