Argos had a bleak Christmas, says Home Retail Group

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%.

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"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