Argos sales decline 8.5%

Home Retail Group has revealed that its Argos chain suffered an 8.5 per cent decline in like-for-like sales for the eight weeks ending March 3rd.

Overall sales fell 7.7 per cent to 480m. The numbers were apparently driven by the continued weakness in the consumer electronics market”.

12 stores were closed throughout the period and one new store was opened. Internet sales grew to account for 40 per cent of overall sales, up from 36 per cent in 2011.

Argos withdrew from the pre-owned video games market at the end of last year, saying that it’s trade-in service had not met its business expectations”.

New Argos boss Oliver Stocken said in February that it plans a radical reinvention” of the chain.