Argos makes a 'solid start' to the year

First quarter results show a sales rise of 0.2 per cent.
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The Home Retail Group has reported a positive start to the year for Argos.

In the 13 weeks to June 2nd the retailer's total sales increased 0.2 per cent to £819 million. Like-for-like sales dipped slightly, down 0.2 per cent. 

The better-than-expected performance was thanks to an increased demand in tablet computers and laptops, which offset sales declines in the TV, audio and video games categories.

Argos continued to grow its multi-channel offering – the Check & Reserve service grew 29 per cent and now represents 29 per cent of total Argos sales. Internet sales went up 17 per cent, representing 41 per cent of total Argos sales.

Terry Duddy, chief executive of Home Retail Group, said: "Over a particularly volatile trading period, Argos had a solid start to the year supported by its multi-channel performance.

"At this early stage of the financial year we are comfortable with current market expectations for full-year benchmark profit. We will continue to plan cautiously, managing robustly both the cost base and the cash position of the Group while prioritising our investment in the ongoing development of our multi-channel capabilities."

Thanks to the positive results Argos has seen its share price rise 17 points.

For once, it was the group’s home and garden retailer Homebase which attracted the bad headlines, as poor weather had an adverse effect on seasonal purchases, driving sales down 8.3 per cent.

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