Partner Article

Profits drop at Argos

Profits at Home Retail Group have fallen by more than 60%, due to the weak market for consumer electronics.

The Group, who own Argos and Homebase, registered pre-tax profits of £90.2 million for the year to 25 February, down from £265.2 million the previous year.

Home Retail Group has also said they will scrap their final dividend.

Commenting on the figures, Home Retail Group chief executive Terry Duddy said: “Prospects for the 2012-13 financial year remain uncertain as consumers’ disposable income is impacted by ongoing inflationary pressure, together with low levels of consumer confidence.”

Despite the difficult trading conditions, Argos was successful in markets such as laptops, tablets and homewares, but this was still offset by weaknesses in other categories.

This was posted in Bdaily's Members' News section by Ruth Mitchell .