Argos-owner Endures Sales Slump
Thursday, June 10, 2010 14:21
Due to the recent weaker demand for video games and televisions in the market place, the owner of the Argos revealed a bigger-than-expected slump in sales. According to Home Retail Group, it is announced that the like-for-like sales of Argos were down by 8.1%, leading to a 5.2% drop in revenues to £889m in the 13 weeks to May 29.
Consumers are said to be reluctant to spend money as a result of the economic uncertainty, with the video games market particularly hit after a strong performance in 2009 and television sales drop in spite of the forthcoming World Cup. The profit margins of the businesses declined under the influence of currency movements.
However, Home Retail is still looking to maintain its profits on last year, despite the trading and margins pressure.
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