"Argos has fallen to a £223.2 million pre-tax loss in its latest financial year after cutting more than 2,000 jobs and suffering a drop in sales amid a tough general merchandise market. The retailer - owned by Sainsbury's since 2016 - saw its performance swing sharply from the £37.3 million profit it posted the previous year. Newly filed accounts for the 12 months to 1 March 2025 show revenue slipped from £4.22 billion to £4.13 billion, reflecting weakened demand across key categories."
"Headcount fell from 12,000 to 9,800, as Argos pushed ahead with restructuring efforts designed to simplify its operating model and reduce costs. The company said revenue had been hit by a "subdued and highly competitive general merchandise market", noting that online traffic dropped significantly in the first half of the year. A "cooler and wetter summer" also dampened seasonal demand, leading to sales falling short of expectations."
"In a statement signed off by the board, Argos said it was focused on driving more frequent shopping and encouraging larger baskets: "Following a slow start to the financial year and within a general merchandise market that remains highly competitive, our focus is on encouraging customers to shop with us more often and with bigger baskets. We are driving change in our digital and commercial proposition and have made good progress strengthening the Argos offer.""
Argos recorded a £223.2 million pre-tax loss in the 12 months to 1 March 2025 after cutting over 2,000 jobs and seeing revenue fall from £4.22 billion to £4.13 billion. Headcount declined from 12,000 to 9,800 as restructuring simplified the operating model and reduced costs. Revenue was affected by a subdued and highly competitive general merchandise market, a significant drop in online traffic in the first half, and a cooler, wetter summer that reduced seasonal demand. Trading improved in the second half with online visits recovering and fourth-quarter growth driven by heavy promotions. The business posted an underlying pre-tax loss of £73 million and is prioritising more frequent shopping, larger baskets, and digital and commercial improvements.
Read at Business Matters
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