Argos sales drop 8.6 per cent in Q2

But the Home Retail Group?s chief exec says the retailer is well positioned for Christmas.
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Argos sales suffered a 8.6 per cent sales dip in the 13 weeks to August 27th, recording revenues of £859 million.

Terry Duddy, chief exec of Home Retail Group, attributed the performance to the decline in the consumer electronics market, adding that Q2 financials were "in line with expectations."

He said: "While continuing to plan cautiously, we are in good operational shape as we approach the Christmas trading period. We continue to develop and invest in our customer proposition across the businesses."

Argos’ internet business continued to grow, accounting for 34 per cent of total sales, up from 32 per cent last year. The increase was thanks to the performance of its Check & Reserve service, which was the subject of a summer campaign for the retailer.

In Q1 Argos sales were down 9.6 per cent.


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