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| Argos sales see sharp fall, Home Retail Group reveals | |
| (40 minutes later) | |
| Argos has reported a big drop in sales for the past three months after experiencing worse-than-expected trading conditions, its owner has said. | 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 said like-for-like sales at the Argos chain - which strip out the impact of new stores - fell 9.6% in the 13 weeks to 28 May. | Home Retail Group said like-for-like sales at the Argos chain - which strip out the impact of new stores - fell 9.6% in the 13 weeks to 28 May. |
| It added there had been a "significant decline" in sales of consumer electronics goods at Argos. | 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. | 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. | |
| "Despite this the group has gained or held market share in its businesses." | |
| Like-for-like sales at Homebase rose 1.6% over the three month period, which Home Retail Group described as a "good outcome" helped by strong sales of garden goods. | |
| At Argos, the main factor behind the recent sales slump was the fall in the consumer electronics market, the company said. | |
| "The difficulty of this market, together with the volatility of overall sales, has made the balance of the year more difficult to predict," Mr Duddy said. | |
| In April, Home Retail Group reported a 10% fall in profits for the year to 26 February. | In April, Home Retail Group reported a 10% fall in profits for the year to 26 February. |