Argos has seen sales of televisions drop by 20pc in recent weeks , as consumers have stopped spending on big household and electrical products.
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Catalogue group Argos saw like-for-like sales plummet almost 10pc in the first-quarter following a significant decline in the consumer electronics market.
Argos suffered a shock fall in sales after conditions on the high street proved "more difficult and volatile" than its parent company Home Retail had expected , as shoppers turned their backs on elect
Home Retail Group , the owner of Argos and Homebase stores , has said sales and profits have been hit hard it by its low-income customers cutting back on spending.
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Home Retail says sales fell less than analysts expected at Argos and Homebase in the run-up to Christmas , and forecasts profit in line with its predictions
Business | London Evening Standard »
The gap between the performance of Argos , seller of consumer electronics to the masses , and Homebase , DIY store for the mortgaged middle classes , is widening
The owner of Argos heaped more gloom on the retail sector today as it revealed the catalogue chain saw same-store sales drop nearly 9% in the last three months.
Thousands of members of company pension schemes could suffer a 20pc cut in retirement income because of 'safety first' asset allocation rules.
Home Retail Group , Britain's biggest household goods retailer , posted a worse-than-expected fall in first-quarter sales as falling purchases of TVs and video games dragged down sales.
Strong demand for laptops and toys helped the Argos owner overcome 'some particularly challenging and volatile' conditions in the run-up to Christmas.
A fall in retail sales in November was led by supermarkets and grocery stores.