Competition slows Argos-owner's sales

Catalogue retailing group GUS today reported a sharp slowdown in growth over Christmas as competition intensified and UK retail demand waned.

Like-for-like sales at Argos - of which there are 18 stores in Ireland and more than 500 in Britain - rose just 1% in the 15 weeks to January 8 – down from 7% in the first half of its financial year.