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Argos in 50m dip as families watch pennies

Takings at Argos fell by £50million in the last three months as hard-hit families put the brakes on spending.

Home Retail Group, which also owns Homebase, warns the 5% fall means half-year profits will be down as much as 25% - at around £93m. Chief executive Terry Duddy told 'Your Money' profits for the next six months, including the all-important Christmas period, could still match the same period last year. But he admits there is so much uncertainty, with ConDem spending cuts starting to bite. The drop in Argos' sales came despite price cuts and 300,000 TV sales in the run-up to the World Cup. Duddy said: "Our core customers, Daily Mirror readers, haven't recovered from the recession. People still buy toys, electrical goods and TVs but they're steering clear of bigger items such as beds and furniture."

Source : Clinton Manning - Mirror.co.uk

10 September 2010
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