As a follow up to my blog post on the possible Sainsbury/Home Retail deal yesterday, here are some comments on the Home Retail Group trading statement issued this morning.
Total sales at Argos increased 0.9%, but like-for-like sales were down 2.2% in the period as a result of reduced store footfall and growth in digital transactions. Homebase total sales were down 4% but like-for-like grew by 5% - this mix arises from an "aggressive store closure program".
But the killer in their statement ...