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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.”
