While the latest trading update from Home Retail - which operates retailer, Argos, and DIY group, Homebase - suggested that 2011's pre-tax profit might not fall as far as analysts had expected, sales at both operations have continued to fall.
IC TIP:
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Indeed, Argos saw like-for-like-sales tumble by 4.9 per cent in the 18 weeks to 1 January - reflecting tough trading in areas such as video gaming. While Homebase's like-for-like sales fell 1.2 per cent in that period - although it did witness a 75 basis point gross margin improvement compared with Argos' 25 basis point margin slide.
When: 30 September 2010
Price: 208p
Tip performance: -8 per cent
