Home Retail shares plunge as Argos hit by stalled sales

SHARES in Home Retail Group plunged yesterday after profits at its Argos chain were hammered as shoppers put off buying TVs and computer consoles.

The catalogue chain scraped a profit of £3.4 million (€3.9m) in the 26 weeks to August 27, down from £54.4m a year ago, as sales of big ticket items and electrical items stalled.

Shares slumped 14% as the group admitted there had been no let-up in the grim consumer mood in recent weeks as it approaches the key Christmas trading period.