Argos sales better than expected

Catalogue retail specialist Argos has posted sales figures above what most were expecting, stating that whilst the year ahead will be tough it expects to maintain a strong position on the High Street.

For the eight weeks until the end of 2008, Argos saw like-for-like sales decline 1.6 per cent. Like-for-like declines for its fiscal second half and full fiscal 2008 reached 6.2 per cent and 4.8 per cent respectively.

Total sales, however, rose by 1.6 per cent for the final eight weeks of 2008, whilst total sales for 2008 were down 0.9 per cent year-on-year, hitting 4.28bn.

Terry Duddy, chief executive of Argos owning Home Retail Group stated: We are responding with the necessary trading and cost actions, and believe the group will maintain its strong relative position and competitive advantage.”

Profits are still expected to reach previous targets of 320m for its fiscal year ending February 28th.