 Analysts had pencilled in higher sales for the high street chain |
High Street chain Argos saw its like-for-like sales slow down in the weeks leading up to Christmas. The firm's owner - retail and financial information giant GUS - said third quarter sales at Argos rose 3%, down from 7% in the previous quarter.
Analysts had expected growth of around 4% to 5% during the period, which covers the 14 weeks to 3 January.
However, GUS said Argos was still outperforming the competition, while gross margins had improved.
Dollar hits Experian
GUS added that it was confident about the catalogue retailer's outlook for the full year and beyond. Including new stores, total sales at Argos were up 10%.
Meanwhile, sales at the main North American unit of GUS's credit checking arm, Experian, were slower.
Because of the impact of the weak dollar when earnings are translated into sterling, actual sales fell 5% in the US during the third quarter, down from 10% in the first half of the year.
However, GUS said Experian's global sales growth increased by 12% at constant exchange rates.
Separately, GUS reported that like-for-like sales at its Homebase home improvement chain - which it bought a year ago - had risen a better-than-expected 6%.
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