Home Retail Group, has reported weak Christmas sales for Argos but says Homebase has been more resilient.
The crucial like-for-like (LFL) sales figure for Argos was down a worrying 8.8% in the 18 weeks to the end of December. Over the last 44 weeks like-for-like sales have fallen 8.9%.
At Homebase, in the 18 weeks to 31 December, LFL sales fell 2.6%, over the 44 week period the figure dropped 1.3%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Argos sales continue to be impacted by the market decline in consumer electronics," said Home Retail Group's Chief Executive, Terry Duddy.
"We have managed the business tightly over the peak trading period and expect group benchmark profit before tax for this financial year to be around the mid-point of the current analyst range of £78m-£125m."
Home's shares dropped 3% in early trading on today's update. Over the last year the stock is down 58%
BS
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
-
The MoneyWeek Christmas Charity Appeal: who are we supporting and how to donateThis year MoneyWeek is supporting YoungMinds, tackling mental health for children and young people. Here’s why we are partnering with YoungMinds and how you can help.
