Home Retail Group sales better than expected
Total sales at Argos grew by 0.9% to £937m. Net new space contributed 3.7%; five new stores opened in the quarter, taking the portfolio to 735.
Like-for-like sales declined by 2.8% in the quarter but good growth continued in consumer electronics as a whole whilst toy sales were strongly ahead.
Multi-channel sales accounted for 42% of total Argos sales; within this, online Check & Reserve grew by 45%.
Terry Duddy, Chief Executive of Home Retail Group, commented: “Argos and Homebase each enjoyed better than expected sales in the quarter and grew market share. Homebase in particular saw its performance in gardening and outdoor products benefit from the excellent weather conditions. At this early stage of the financial year we continue to plan cautiously, with our trading focus remaining on driving cash gross margin and achieving further cost efficiencies.”
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