Argos firm to see profits fall
April 30, 2008
Home Retail Group (HRG) the owners of Argos and Homebase chains have warned that its sales are set to fall due to a consumer slow down.
HRG have however reported a 15 per cent increase in underlying profits to £433m for the previous year. Despite this the group warned “the outlook for consumer spending looks weaker” for the current year.
Chief executive Terry Duddy said “Record profits have been achieved at Argos and Homebase have traded relatively well in more difficult market conditions”.
HRG also said “A more difficult consumer environment is likely to result in a negative like-for-like sales performance in both businesses in the short term”.
www.argos.co.uk
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