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Argos set to catalogue its problems

Struggling retail firm will publish interim results against a backdrop of economic slowdown and increased competition.

"Argos is the weirdest shop on earth. Argos is the shop that said 'we think that shops should be like this'. And all other shops said 'no'."

It seems that even a comedian like Michael McIntyre can work out some of the challenges facing Argos, and this week we'll see if the struggling retailer's new boss has developed similar insights.

At the interim results of parent Home Retail Group, John Walden will use his first proper outing since taking the job in February to update the market on his patch – which is suffering as the economic slowdown has been compounded by competition from online rivals plus a new "click and collect" competitor in Tesco.

Still, investors will want to know if Walden is going to start shutting stores – and even if Argos is now losing money. Most importantly, they are desperate to hear his plan for stopping the pain, now he's digested a report from his management consultants. Those sage musings have been handed over by some company called OC&C – hopefully after insisting Walden filled out a chit, sat on a plastic chair and waited for some youth to hand over the merchandise.

Source : Simon Goodley - The Guardian

23 October 2012
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