Home Retail, which operates Argos and DIY retailer Homebase, has reported more grim news with its latest trading update, leaving further share price pressure looking likely.
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Even though profits for the full-year to end-February should be in line with analysts' expectations, Argos's like-for-like sales tumbled 8.9 per cent year-on-year, driven by weakness in consumer electronics. Poor big-ticket sales meant Homebase's like-for-like sales dropped 2 per cent. Trading hasn't improved recently, either. In the last eight weeks of the financial year, Argos's like-for-like sales fell 8.5 per cent and Homebase's slumped 6.5 per cent.
