Argos group predicts difficult yearHome Retail Group, which owns the Argos catalogue shops and Homebase DIY DIY abbr. do-it-yourself DIY or d.i.y. Brit, Austral & NZ do-it-yourself DIY abbr DIY do it yourself a DIY shop/job. sheds, is braced brace n. 1. A device that holds or fastens two or more parts together or in place; a clamp. 2. A device, such as a supporting beam in a building or a connecting wire or rope, that steadies or holds something else erect. for falling sales this year as the effects of the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. and the downturn in consumer confidence hit home. Chief executive Terry Duddy said 2008 would be "a difficult year with restricted opportunities for growing like-for-like sales Like-for-Like Sales The portion of current sales achieved through activities that are comparable to the activities of the previous year. Notes: Using like-for-like sales is a method of valuation that attempts to exclude any effects of expansion, acquisition, or other ". He described analysts' forecasts of a 2% decline at Argos and a 4% decline at Homebase as "sensible". Duddy was speaking as HRG HRG Health Research Group HRG Hogg Robinson Group HRG Herausgeber (German: Editor) HRG Hurghada, Egypt (Airport Code) HRG Horn Rimmed Glasses (TV Show character, Heroes) released an end-of-year trading statement showing a slight increase in full-year like-for-like sales at the 707-store Argos chain, and a 4% decline at Homebase. The 330 Homebase stores have been hit by the downturn in the DIY market, the sharp fall in the number of people moving house and the impact of higher bills and taxes on household budgets. In recent weeks there has been a marked slowdown across the group. Like-for-like sales at Argos were up 2% on last year's levels in the eight weeks to March 1, but Duddy said the chain had benefited from an early Mother's Day, which accounted for half that uplift, and a strong January sale, which accounted for the other half. Underlying sales were therefore flat, with sluggish sales in many categories offset by the continuing strong demand for Nintendo Wii consoles and video games See video game console. . Argos shoppers are increasingly using the internet to place orders. Nearly a quarter of Argos sales are made online, while 7% of orders are made by telephone, compared to 12% four years ago. At Homebase, sales over recent weeks were down 5.3%. Home Retail shares, which have dropped 40% since October, climbed 3.25p to 253.25p. 
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