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Argos grows Check & Reserve by another 50% in latest quarter

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Total sales at Argos grew 2.5% during the three months to 29 August, Home Retail Group has revealed. Like-for-like sales declined by 1.4% but Check & Reserve grew, again, by 50%. The internet now accounts for 28% of all Argos sales, up from 26% during its last financial year.

At Homebase, total sales grew by 2.9% and by 1.6% on a like-for-like basis.

“We are pleased that both Argos and Homebase performed well, delivering cash margin ahead of our expectations. Combined with exceptionally good cost management, this means we now expect Group benchmark profit before tax for the first half to be broadly in line with last year’s £121m,” commented Terry Duddy, chief executive of Home Retail Group. “We approach the key Christmas trading period from a position of operational and financial strength, but continue to plan cautiously for consumer demand. We will also have a more significant impact from adverse currency movements in the second half of the year.”

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