Arab Today, arab today argos owner hit by sales slump
Last Updated : GMT 01:04:00
Arab Today, arab today
Arab Today, arab today

Argos owner hit by sales slump

Arab Today, arab today

Arab Today, arab today Argos owner hit by sales slump

London - Arabstoday

The owner of Argos said conditions on the high street were worse than it expected after it posted a further sharp slump in sales today. Home Retail Group, which also owns Homebase, highlighted a significant decline in the consumer electronics market as like-for-like sales at Argos dived by 9.6% in the 13 weeks to May 28. Total sales, which include the addition of new store space, were down 8.1% at £817 million, it added. It is the latest gloomy update from the mass market retail business, which has felt the brunt of low consumer confidence and rising costs. Chief executive Terry Duddy said: \"Trading conditions, particularly at Argos, have proved to be more difficult and volatile than anticipated.\" At Homebase, like-for-like sales were up 1.6% after sales of garden-related products including furniture, plants and exterior paints did well. Home Retail shares slid 13% as City analysts slashed their forecasts for the company\'s financial year to next February. Freddie George, an analyst at Seymour Pierce stockbrokers, said the decline in Argos same-store sales was much bigger than his forecast for a 4% fall. He said: \"Argos remains under pressure from a weak consumer environment while the food retailers continue to grab share in its core markets.\" Argos said the weak consumer electronics market accounted for much of the reduction in first-quarter sales, although it said recent industry data showed it maintained its share of this market during March and April. This was offset by strong sales of toys and seasonal goods such as garden furniture and barbecues as the good weather boosted demand. Stock clearance and higher shipping costs also had an impact on margins at Argos, which recently announced an 18% decline in operating profits to £219 million for the year to February 28. It has refurbished stores and extended its \"click and reserve\" collection service to users of its iPhone app, while also expanding ranges to reverse the sales downturn. Mr Duddy said today: \"The difficulty of this market, together with the volatility of overall sales, has made the balance of the year more difficult to predict.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today argos owner hit by sales slump Arab Today, arab today argos owner hit by sales slump

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday