Argos has reported a big drop in sales for the past three months after experiencing worse-than-expected trading conditions, its owner has said. Home Retail Group shares closed down 14% after it said like-for-like sales - which strip out new selling space - at Argos fell 9.6% in 13 weeks to 28 May. It added there had been a "significant decline" in sales of consumer electronics goods at Argos. However, trading at its Homebase DIY chain was helped by the warm weather. "Trading conditions, particularly at Argos, have proved to be more difficult and volatile than anticipated," said Terry Duddy, Home Retail Group's chief executive, in the firm's trading update. Argos owner Home Retail Group sees profits fall 20 April 2011 Home Retail Group, owner of Argos and Homebase, has reported full-year profits of £265.2m, down almost 10%.The drop in profit was in line with expectations, after the retailer issued a warning last month that it would undershoot earlier profit guidance Low confidence
Home Retail Group's sales dropped off particularly sharply at the beginning of this year, prompting the firm's profit warning in March. "Economic uncertainty and a low level of consumer confidence continue to adversely impact customer spending patterns," said Chairman Oliver Stocken. 12 April 2011 Last updated at 08:10
The British Retail Consortium (BRC) has recorded its worst fall in sales since records began in 1996, a further sign of difficult times on the High Street. The BRC said total sales in March were down 1.9% on a year ago, although the early timing of Easter last year had an effect on the figures. But the BRC said shoppers did not want to spend "unless they really had to". Footwear was the only growth sector, as food and drink, clothing, homeware, electrical, and others all fell. 'Low wage growth'
There has been a string of gloomy outlooks recently from the likes of Next, Mothercare, HMV, Currys and PC World parent Dixons Retail. The BRC pointed out that "uncomfortably high inflation and low wage growth have produced the first year-on-year fall in disposable incomes for 30 years". "Falling disposable incomes and the fear of worse to come means people don't want to spend," added BRC director general Stephen Robertson. "There's only so much discounts and promotions can do to overcome that." 0 October 2010 Last updated at 07:29
Argos sales fall as its customers feel the pinch
Sales have fallen at the Argos chain
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Sales at Argos have fallen sharply due to "particularly challenging conditions for its customers", owner Home Retail Group (HRG) has said. HRG reported that like-for-like sales at Argos - which excludes new store openings - fell 6.5% in the six months to 28 August from a year earlier. Sales at HRG's other main retail chain, DIY business Homebase, were down by 0.5% under the same measurement. HRG's half-year pre-tax profits came to £103m, 12% less than last year. It said in its statement that the results at Argos represented a "solid performance" given the difficult trading conditions, while Homebase had increased its market share. Terry Duddy, HRG's chief executive, said the company's profits would have been lower were it not for continuing cost-cutting work. Interim Ex-Dividend Date | 9-11-2011 |
Interim Results | 19-10-2011 |
Trading Announcement | 8-09-2011 |
Final Dividend Payment Date | 20-07-2011 |
AGM | 30-06-2011 |
Final Ex-Dividend Date | 18-05-2011 |
Final Results | 20-04-2011 |
Trading Announcement | 10-03-2011 |
Interim Dividend Payment Date | 19-01-2011 |
Interim Ex-Dividend Date | 10-11-2010 |
Interim Results | 20-10-2010 |
* Sales at Homebase have now fallen into retreat.
* Sales at Argos continue to...