Deathwatch: Argos profits plummet yet again
Is it almost all over for Argos, the catalogue store that has graced the nation’s high streets for decades? It could be, as the company has just reported a drop in operating profits from £54.4m to a staggering £3m.
Fortunately for Home Retail Group, the parent company of Argos, their other main company, Homebase, has made a first half pre-tax profit of £29.9m, but even that is down from the last reported figure of £46.2m. Crazy times, disturbing scenes.
But when you look closer, it’s kind of inevitable. In a price comparison done by The Guardian, Amazon regularly trumped Argos, while the catalogue shop fared poorly in a survey that Which! have just published, Argos being placed 20th as an electrical retailer and only 5th in furniture and homewares.
If Argos continues to be a jack of all trades while being a master of none, how much longer can it realistically last? And would it be missed? Tell us, you DOGS.
TOPICS: High Street News