Deathwatch: Argos sees profits slide

2 May 2012

retail deathwatch Argos has warned that they're probably going to have to close loads of stores after the catalogue vendor saw a massive slump in full-year profits. That's what you get for hiring singing aliens to run your company.

The retailer saw a 9% drop in like-for-like sales and a near 60% plunge in operating profits leaving owner, Home Retail Group, noting that the leases on around 230 Argos stores will be up for renewal soon and that many of these could be shut down.

A company statement, grinning while crying, said: "With this flexibility, Argos will focus on optimising its store network by relocating or closing some older stores and opening some new stores if attractive sites become available."

Bitterwallet - Argos featured

Home Retail also owns Homebase who also saw sales dropping and profits going on the slide. "Future dividends will be set at a level which is sustainable and which reflects the trading prospects and financial position of the Group," added Oliver Stocken, chairman of Home Retail Group.

As such, Argos boss John Walden has launched a review in an attempt to turn around the fortunes of the store. It appears that there'll be a move to take everything online in a bid to rescue the company.

George MacDonald, deputy editor of Retail Week, told Sky News that Argos had "big problems". "They need to take some action to take control of their own destiny a bit more. The stores are not great places to go for the experience, they are not comfortable and a bit dingy often, but has a great distribution centre."

Will Argos be vanishing from the high street? Do you even care?

TOPICS:   High Street News


  • Mike H.
    Oh no, whatever will the chavs do without Elizabeth Duke.
  • Blind H.
    :;::..:;..: I care that:;s where I work and the other day my boss shouted :;::;; at me for dropping a box!: I told the cunt that Im blind:;: and cab go fuck himself:;..:..:;...:! :.;:;;.::
  • Rob O.
    Any Argos stroe I have been into ive been served the Argos way. Depending on how people are is the key. There again that is up to the management of that store to employ the rite people for the rite job not to have people who always just seem as if they are being dragged to work. We all know that the economy is poor at the minute,and the competition with other stores ie Tesco, Asda is very high and because money is tight,more and more people are going to shop around for the cheapest item instead of spending that we bit more on a better quality branded make.
  • Mike H.
    ^^ looks like school's out early today, must be the break in the weather.
  • JonB
    @Rob O "better quality branded make" Like Goodmans, Bush and Alba? Face it, everything is made in China now. If you buy a Tesco- or Asda-branded piece of kit and it goes wrong then you can take it back to Tesco or Asda for a replacement. They are going to be around a lot longer than Argos if the current "restructuring" is anything to go by. The only thing Argos has going for it is its 16-day no quibbles returns policy, but people will abuse even that if given the chance.
  • mike h.
    I'd rather abuse a fox. Or is the fox abusing me? mmmm... foxes
  • Craig A.
    For all these Companies, Argos included, that battle wits with the customer, It's only a matter of time. If I bring something back that does not work and you give me an argument before I get my refund, then where do I buy from next time? Not You.
  • Chav
    Them fucking Greeks can shove there forigin cumpany up there arses.
  • Richard M.
    Perhaps the management at Argos need to ask themselves why they have two stores in Leamington Spa within a couple of mile of each other. Ridiculous! On a different subject altogether - Argos consistently offer the best deals on laptop computers, yet who knows about that? They don't advertise in any of the specialist computer mags. I purchased a really good HP laptop a few months ago with an amazing spec for the money - yet I would never previously have thought of buying such equipment at Argos.
  • Capability B.
    The sixteen day exchange policy is brilliant, every time I fancy a week or so of console gaming I 'rent' what I need from them.
  • james d.
    in swansea you are never more than 5 minutes walk from an argos
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