Home Retail, which operates Argos and DIY chain Homebase, has reported yet more misery in its latest trading update.
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In its first half, covering the 26 weeks to the end of August, Argos's like-for-like sales tumbled 9.1 per cent, with the gross margin having slipped 100 basis points in the second quarter alone. Management point to a weakening consumer electronics market as the main culprit. Meanwhile, Homebase's like-for-like sales fell 3.1 per cent in just the second quarter, with the gross margin down 25 basis points over the half. Performance here was hit by weakness in big-ticket items.
