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Argos defies market with plans to expand.(Company overview)(Statistical data)
Retailer to open further shops and build up Internet sales
Leading furniture retailer Argos has said it will be able to drive market share growth despite weakening retail conditions.
In its end-of-year statement for the 52 weeks to 1 March, Argos and Homebase parent company Home Retail Group (HRG) admitted that at Argos, `furniture and white goods are likely to exhibit more difficult conditions due to the weakening in the housing market and general consumer confidence'.
But it added: `However, the group will capitalise on the combined buying scale, a market-leading home delivery infrastructure, new product presentations and its in-house financial services operation to continue to drive market share growth.'
It said Homebase also expected to continue its market share progress in kitchens this financial year.
During the year to 1 March, sales at Argos grew 3.8% to #4.2bn. Like- for-like sales were up 0.7%. Argos' Internet sales grew by more than a third to represent 23% of all sales generating turnover of #900m.
The multi-channel company said that it sees `the Internet as a further key growth ...
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