The figures illustrate the decline in the industry which the press have followed for the past few months and they are striking numbers. For the fifty two weeks preceding February this year the group has only made a profit of £327.7 million as compared with the previous year’s healthier £432.9 million. This totals profit losses in the region of 105.5 million pounds.
Home Retail Group was comfortable admitting that there had been a serious decline in interest and spending within the 60 billion pound home and decor markets. A spokesperson for the group named Terry Duddy said that he saw the current climate a challenge and he said the strategies which the group was using would make it more resilient.
The group also said they would have continued success and implied that this was down to the many different channels through which they sell goods and grow revenue as well as a strong commitment from the company’s staff. They also suggested that they believed times ahead would be tough and it was their far reaching appeal to a variety of customer types which would be their salvation.
Talking about individual companies within the group Duddy mentioned Argos and said that the sales for Argos are strong due to it having a ‘multi-channel’ set up. By this, he meant that Argos is doing well, because it offers customers several ways to buy from the store including on the high street, over the phone and online.
He also predicted that all further investments by the group in to its many brands would be carefully considered and purposefully implemented so that the whole business could come out of the other side of the recession in a prominent and powerful position.