Consumer electronics slump slaps Argos sales

Argos the latest high street player to bemoan weakness of consumer electronics market

High street retailer Argos has blamed its second-quarter sales slump on the downturn in demand for consumer electronics.

In the three months to 27 August, like-for-like sales at Argos fell by 8.6 per cent to £859m on an annual comparison, which the firm claims is down to weaknesses in the consumer electronics market.

In the firm's second-quarter trading statement, the retailer said: "The consumer electronics market has remained weak and has again accounted for the majority of the reduction in Argos' sales, [although] laptops continued to perform strongly."

Argos is the second high street firm this week to report a drop in consumer electronic sales, after Dixons Retail reported a 10 per cent fall in UK sales yesterday.

Terry Duddy, chief executive of The Home Retail Group, which owns Argos, said: "Overall, the performance in the quarter was in line with our expectations.

"While continuing to plan cautiously, we are in good operational shape as we approach the Christmas trading period," he added.