Home Retail's LFL sales still on the crest of a slump

published 15 March 2012

Like-for-like (LFL) sales at Home Retail Group's struggling Argos chain have taken another tumble in 2012.

The group said Argos's LFL sales in the eight weeks to February 25th were down 8.5% year-on-year (YOY). The Homebase part of the business fared a little better, but still saw LFL sales down 6.5% on a YOY basis.

"With trends in this short, low volume, trading period being broadly as we anticipated, group benchmark profit before tax for the 52-week period ended 25 February 2012 is expected to be in-line with current market expectations," revealed Terry Duddy, Home Retail's Chief Executive.