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first_img Share whatsapp Tags: NULL Show Comments ▼ John Dunne Home Retail Group forecast a 20-25 per cent reduction in first-half profit, with sales at its Argos stores continuing to fall as low income shoppers cut back on spending.The firm, which also owns the Homebase DIY business, said it expected to make a year to the end of February 2011 underlying pre-tax profit of £250-£275m, which is in line with the bottom half of the current analyst range.Sales at Argos stores open at least a year fell five per cent in the 13 weeks to 28 August, its fiscal second quarter.At Homebase, the second-largest DIY retailer after Kingfisher’s B&Q, underlying sales were flat.“As always, the (full-year) outcome will depend upon trading at Argos in its peak Christmas period,” said the firm.Shares in Home Retail have lost 32 per cent of their value over the last year, lagging a 3 percent rise in the general retailers index. Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof whatsapp Home Retail Group says profit to dive by a quarter Thursday 9 September 2010 2:49 am last_img read more