Credit crunch hits Argos and Homebase

A fall in sales of furniture and homewares has led to a 13% drop in sales at Argos and Homebase. Parent company Home Retail Group says the credit crunch has contributed to the first half decline.

The results, announced today (September 11), show that like-for-like sales at Argos fell by 3% to £1.85bn over the 26 weeks to 30 August. Meanwhile, sales at Homebase fell by 10.3% £829m. The group says it will now review the DIY chain’s product range.

The group says its performance is now dependent on the key Christmas trading period, when they expect sales to rise.

Terry Duddy, chief executive of Home Retail Group, says: “The performance of Argos and Homebase is reflective of a difficult consumer environment. Profits for the financial year as a whole are, as ever, dependent on the key Christmas trading period, though the Group’s operating model and financial strength will see us well positioned to compete in challenging conditions.”

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