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45 per cent jump in group sales sees it over take Kesa-owned Comet in consumer electronic stakes

Argos becomes UK’s second largest CE retailer

Argos has overtaken Comet as the second largest retailer of consumer electronics in the UK after it’s parent group saw a jump of 45 per cent in annual profit, boosted by sales of PCs and satellite navigation, according to Home Retail Group’s chief executive officer Terry Duddy.

The rise of 45 per cent beat analyst’s expectation, boosted by changes in suppliers, with net income hitting £294.6 million – up from £203.7 million in 2007.

He has, however, warned that he expects sales to slip owing to pressures from increasing mortgages and utility bills and continued declines in consumer confidence.

Source: Bloomberg

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