Argos jewellery sales decline despite 4.8% growth

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Home Retail Group revealed mixed results in its Q1 statement.

Home Retail Group released its interim management statement today (June 12) covering the 13 weeks from March 2 to May 31 2014, citing a 4.8% sales increase across its Argos stores.

Total sales at Argos grew 4.8% to £868 million even though the store portfolio remained unchanged at 734.

The company experienced a small decline in its jewellery sales, as well as its homeware and furniture sales.

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Like-for-like sales also increased by 4.9% in Q1 compared to the same period in 2013. Growth was driven by a strong performance in seasonal products together with continued sales growth in electrical goods.

Internet sales grew in line with total company sales and represented a significant 42% of all sales. Mobile commerce grew by 56% and now represents 21% of Argos’ sales.

Chief executive of Home Retail Group, John Walden, commented: “We have had a good start to the year, with both Argos and Homebase delivering positive like-for-like sales growth. This growth was aided by a strong performance in seasonal products in both businesses, due to better weather overall versus the comparable period last year. We are pleased with this encouraging start to the year."

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