Argos’ half year results have revealed that total sales are down 1.5 per cent, but the retailer has reported a growth in toys.
Sales of electrical products declined versus last year, but the firm has revealed that these declines were partially offset by growth in mobiles and toys.
“Argos’ first half sales and profit were negatively impacted by declines in both electrical and seasonal product categories," said John Walden, chief executive of Home Retail Group.
“We look forward to an improved sales performance for both Argos and the Group in the second half. However, as I have previously stated, trading at Argos during this year’s important Christmas season seems less predictable than usual, as both retailers and customers determine whether to repeat last year’s unusual Black Friday patterns.
"The combination of this trading uncertainty, an increased level of investment in the launch of Fast Track and the underlying profit reduction from Argos’ challenging first half, mean that at this stage of the financial year we expect the Group’s full-year benchmark profit befor tax to be slightly below the bottom end of the current range of market expectations of £115m to £140m.”