Rain boosts Argos - ToyNews

Rain boosts Argos

Home Retail Group said wet weather increased first half sales at its Argos chain.
Author:
Publish date:
5_Pocoyo.jpg

The firm believes the wet UK summer played a big part in driving traffic in-store as customers sought out indoor entertainment.

Sales at Argos stores open at least a year rose 1.8 percent in the 13 weeks ended September 1st. At sister chain Homebase, sales fell eight percent on the same basis. Gross profit margins widened at both store chains, and the group forecast a “good first-half profit result.''

“The bad summer weather swung things around,'' analyst Nick Bubb at Pali International Ltd. said in a note. “It was probably a small net positive for Argos, but a big net negative for Homebase.''

Bubb raised his forecast for annual pretax profit to £410m from £390m.

Related

5_Pocoyo.jpg

Argos rises amid sale talk

Argos and Homebase owner, Home Retail Group, declined to comment today on reports it is being eyed by private equity groups Blackstone and Kohlberg Kravis Roberts.

Featured Jobs

Copyrights Group

Marketing Manager

The Copyrights Group is one of the licensing arms within The Vivendi Group. Acquired by Vivendi in 2016 Copyrights manages the licensing for a portfolio of properties to include Paddington Bear. Some of the other companies within the Vivendi Group include Universal Music Group, and their licensing arm Bravado, Gameloft and Studiocanal to name a few.