NEWS

Home Retail sees Argos’ sales improve at year-end

Published on: 10th March 2016

The retailer’s sales at its Argos stores open over a year fell 1.1% in the eight weeks to 27th February, an improvement on the year overall.

Argos-480Like-for-like sales were down 2% in the full second half and down 2.6% for the full year ending on 27th February.

The company said that the stronger finish to the year put it on track to report group benchmark profit before tax in line with the current consensus of market expectations of £93m.

It also said that its cash balance will be much stronger than anticipated, due to the proceeds made from the Homebase sale.

Total sales for Argos rose 1.9% in the eight-week period year-on-year, up to £515.0m, driven mainly by an increase in net new space, including its digital concessions and collection points.

The group has provided no further details on the competing offers made for the company by Sainsbury’s and Steinhoff. Sainsbury’s has until 18th March to make a firm offer for Home Retail.

 

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