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Argos cuts profit forecast although toy sales rise

Total sales were worse than expected

11/03/2011


Argos increased its toy sales in the first eight weeks of the year and compared to same-period 2010. In spite of the increase in this market, total sales were 4.6% lower, worse than expected. This drop in revenue has driven the company to issue a profit warning: the retail group has cut down its expected pre-tax profit to be between £250 and £255 million, while at the beginning of the year the company expected £250-275 million.

In the last twelve months Argos has opened six new stores, reaching a total portfolio of 751 shops. Internet sales have grown from 33% to 36% in one year.
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