Sainsbury’s, Britain’s second-biggest supermarket, yesterday confirmed a better-than-expected performance in its Christmas quarter and upgraded its sales forecast for the second half.

The Irish operations of UK retail giant, Home Retail, Argos and Homebase, both incurred losses last year.

Waning demand in Britain for TVs and computers drove a second straight quarterly sales decline at Home Retail’s Argos, but the chain said it was still winning market share and forecast an improved performance in its second half.

The Irish units of home furnishing firms Argos and Homebase enjoyed contrasting fortunes last year.

DIY chain Homebase is to close a quarter of its stores and has ditched its boss after a review by parent company Home Retail Group found failings in its sales performance.

The FTSE 100 Index ended a nine-day winning streak that had propelled it to a five-month high as investors sought to lock in profits.

Britain’s Home Retail Group said yesterday that summer sunshine had delivered a big boost to sales at its home improvements chain Homebase in the second quarter and helped shift seasonal products at its biggest business, Argos.

Catalogue chain Argos returned to profits growth today after an “encouraging” year in which more than half its sales were generated online.

The digital makeover of catalogue chain Argos showed early signs of progress today after strong trading figures for the peak Christmas period.

Retailer Argos is to change from a catalogue to a digitally-led retail model, which will see 75 stores either closed or relocated in the next five years.

Argos says it plans to close or relocate up to 75 stores over the next five years.

Argos' owner has pulled the plug on its shareholder dividend after revealing a 60% plunge in annual profits.

The owner of Argos insisted there were no plans for major store closures today despite another slump in sales at the catalogue chain.

The owner of Argos blamed the weak consumer electronics market today for another sharp drop in sales at the catalogue retailer.

The owner of Argos heaped more gloom on the retail sector today as it revealed the catalogue chain saw same-store sales drop nearly 9% in the last three months.

The future of up to 30 stores and 720 jobs was put at risk today after the UK side of retail brand Habitat went into administration.

Habitat is set to disappear from everywhere but London in a move threatening around 900 jobs in the UK.

London’s main market made progress despite a tough time for the retail sector after the owner of catalogue chain Argos issued a gloomy warning over high street trading.

Argos owner Home Retail Group today said annual profits dropped 13% as it revealed the boss of its embattled catalogue chain was stepping down.

The owner of catalogue chain Argos cut profit forecasts today after admitting conditions were "more difficult and volatile" than it had expected.

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

Stock markets made strong gains on both sides of the Atlantic today as positive US economic data helped ease recovery fears.

A recovery for banking and commodity stocks following a shaky start to the week ensured the FTSE 100 Index in London made headway today.

Heavyweight miners dragged the FTSE 100 Index lower today despite another bright session for many top-flight retailers.

Retail stocks pushed the FTSE 100 Index higher today as takeover speculation surrounded Argos owner Home Retail Group.

Shares in Argos owner Home Retail Group took off today amid speculation of a potential bid from supermarket chain Asda.

Global economic concerns hit stocks today and offset strong gains from blue chip retailers on London's leading share index.

A strong session for retailers after Home Retail Group raised its profits guidance failed to keep the London market in positive territory today.

A strong session for retail and financial stocks helped maintain gains on the London market today as UK stocks continued to recover recent lost ground.

President Obama's proposals to limit the activities of Wall Street firms sent shockwaves through the UK banking sector for a second session today.

The FTSE 100 Index slipped more than 1% by noon today as weakness in banking stocks offset one of the London market's biggest takeover deals of recent times.

Next and Home Retail Group saw further share falls today, but the wider market trod water ahead of results from US bank JP Morgan Chase.

Retailers weighed on the London market today as the FTSE 100 Index failed to hold its position above the 5000 barrier.

A broker upgrade helped BT shares storm ahead today, but the wider market failed to make headway in lacklustre trading.

Barclays led the FTSE 100 Index lower today after one of its biggest investors sold a major stake in the banking giant.

Investors shrugged off gloomy US output figures today as banking shares led a gain of more than 2% for the London market and swine flu fears took a back seat.

The owner of Argos and DIY chain Homebase announced heavy sales falls for both businesses today.

The owner of Homebase today slashed £542m (€687m) from the value of the struggling DIY chain and warned of the impact of recent financial turmoil on profits.

Consumer-facing stocks were on the receiving end of some punishment today on the London market thanks to a miserable update from the high street.

The London market enjoyed its first positive session of the week today as banks and housebuilders clawed back some of the previous day's heavy losses.

Carphone Warehouse and Argos owner Home Retail Group fell heavily today after updates from the pair failed to soothe nerves in the retail sector.

The London market held firm in positive territory today as stocks regained their poise following the turmoil seen yesterday on Bradford & Bingley's profits warning.

Banks led a cautious recovery for the London market today as the dust settled after yesterday’s profit warning from Bradford & Bingley.

Oil stocks underpinned progress for the London market today as takeover talk gave a helping hand to retailers.