17:18 16 March 2013
Home Retail Grouphas announced that like-for-like sales at Argos stores in the past eight weeks were up by 5.2per cent compared to the same period last year. The sales were boosted by tablet computers.
The group, which also owns Homebase, is now expecting pre-tax profits for the year to hit £90million. The full-year report is expected to be released in May. Due to the upbeat forecast, shares rose by 10per cent.
In an statement, Home Retail group said, as quoted in a report by the BBC: "Consumer electronics continued to deliver an improved sales performance, driven by strong growth in tablets, which together with further growth in white goods and core electricals, more than offset weaker trading in homewares."
According to analysts, Argos increased in sales is partly due to Comet’s closure in November 2012. However, they say that the retailer still deserves credit for ensuring it is better placed to capitalise on displaced consumers.
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