Profits fall for Argos owner Home Retail

Profits fall for Argos owner Home Retail

The owner of catalogue chain Argos today said it was approaching the key Christmas trading period cautiously after posting a slide in profits.

Home Retail Group reported an 11% drop in pre-tax profits to £103m (€117m) in the 26 weeks to August 28, after a slight fall in sales to £2.7bn (€3.07bn).

Argos revenues were down 6.5% on a like-for-like basis, leading to a 4% total decline in sales for the catalogue business at £1.8bn (€2.04bn).

The group warned that Argos’ core customers had been hit harder by the economic climate and while sales of smaller products, such as toys, were improving, demand for big-ticket items including furniture and technology products was suffering.

There was a better performance at Homebase, which is also owned by Home Retail, as like-for-like sales declined 0.8% to £855.3m (€973.2m).

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