Argos fails to dent profits (From The Northern Echo)

Argos fails to dent profits

9:05am Friday 12th March 2010 in

• Skip social links
• Print
• Email
• Comments(0)

HOME Retail Group yesterday said it expected annual profits to exceed market hopes, despite a new year slide in sales at its Argos chain.

The retailer said profits were likely to be about £290m in the year to February 27, slightly ahead of city expectations.

Argos sales in the year rose 1.5 per cent to £4.35bn, including a 6.6 per cent drop in the final eight weeks of the period after snow disruption and the later launch of its spring catalogue which caused same-store sales to slump 9.4 per cent.