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| Argos-owner Home Retail Group sees profits fall sharply | Argos-owner Home Retail Group sees profits fall sharply |
| (about 1 hour later) | |
| Home Retail Group (HRG), which owns Argos and Homebase has reported a 71% fall in half-year profits to £29.4m. | Home Retail Group (HRG), which owns Argos and Homebase has reported a 71% fall in half-year profits to £29.4m. |
| Homebase's performance had been "robust", it said, but customers at Argos were coming under more pressure and its sales there were harder hit. | Homebase's performance had been "robust", it said, but customers at Argos were coming under more pressure and its sales there were harder hit. |
| Like-for-like sales at Argos, which strip out the impact of new stores, fell 9.1% in the 26 weeks to 27 August. | Like-for-like sales at Argos, which strip out the impact of new stores, fell 9.1% in the 26 weeks to 27 August. |
| HRG said sales of consumer electronics had been particularly hard hit, falling 20% over the period. | HRG said sales of consumer electronics had been particularly hard hit, falling 20% over the period. |
| href="http://www.homeretailgroup.com/home/media/hrg/news/2011/2011-10-19/" >The company said that Argos customers had been struggling in the current economic climate, as they benefited less from low interest rates than others and also spent a higher proportion of their take-home pay on essentials like food and energy, which have been seeing big price rises. | |
| However, HRG said Homebase was doing well in a challenging environment, and that although sales of big-ticket items "remained challenging" there had been good growth in bedroom furniture sales. | However, HRG said Homebase was doing well in a challenging environment, and that although sales of big-ticket items "remained challenging" there had been good growth in bedroom furniture sales. |
| HRG bought the rights to the Habitat brand in the period, along with three of its London stores. | HRG bought the rights to the Habitat brand in the period, along with three of its London stores. |