Financials show like-for-like sales growth, but Home Retail Group profits are down

Argos aims to become digital retail leader

Argos’ owner Home Retail Group has revealed its financial results for the year ending March 2nd, 2013.

While sales for the group are flat, and profits down, multi-channel retailer Argos has had a better year.

Home Retail Group also announced a ‘transformation plan’ to reinvent Argos as a digital retail leader and reposition it from a catalogue-led to a digitally-led business. 

The firm’s strategy (it cut store numbers last year, in part to focus on the digital side), is already working – Argos’ multi-channel sales penetration increased to 51% of total sales. Internet sales grew 10% to reach 42% of Argos’ total sales. Argos’ website and app visits increased by 24% with mobile shopping now representing 10% of total sales. 

Terry Duddy, Chief Executive of Home Retail Group, added: “This was an encouraging year with both businesses growing their market shares. Argos delivered like-for-like sales growth for the first time in five years and multi-channel sales broke through the 50% threshold. Our strong financial position enables Argos to deliver on its transformation plan to become a digital retail leader, and for Homebase to invest in the rollout of its new proposition.”

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