A 13% slump in sales in December at catalogue stores offsets group gains as company lowers profit forecasts and discusses Homebase sell-off
Home Retail Group, target of a £1bn bid approach from Sainsbury’s, warned that poor sales at its Argos chain would hurt group profits.
Argos posted a 2.2% fall in like-for-like sales in the 18 weeks to 2 January, worse than analysts had expected. Sales at its stores slumped 13% in December, with shopping centre and high street stores badly hit, which was only partly offset by 10% growth in digital sales.
Related: Thousands of Argos jobs at risk if Sainsbury's deal is struck
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