Argos reports sharp fall in sales

| June 9, 2011 | 0 Comments

There is further evidence of consumers reining in their spending after Home Retail Group (HRG), the biggest household goods retailer, said sales fell 9.6% in the 13 weeks to the end of May.

Shares in HRG sank 11% after the announcement – a 2½ year low – after it said trading conditions were challenging and consumers were opting not to purchase big-ticket items.

However, like-for-like sales at its Homebase DIY chain grew 1.6% over the quarter – boosted by sales of garden items due to the warm weather.

The figures come shortly after the British Retail Consortium said annual like-for-like retail sales fell by 2.1% in May after April’s 5.2% rise.

In other news today, car parts and bicycles retailer Halfords said full-year profits were in line with forecasts after the late Easter holiday led to high demand for camping equipment and bikes.

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