Comet is the only other multiple reporting a like-for-like increase, albeit very small (0.3% in the quarter to July) and against weak comparatives. The rate of gross margin decline continued to ease, boosted by more white goods in the mix. Kesa's new chief executive Thierry Falque-Pierrotin gave little away about prospects, simply referring to widely varying geographic market conditions across Europe, the group's strong focus on protecting retail profit and that all his companies ‘have prepared themselves for the more significant trading period ahead'.

Like-for-like sales at Argos in the three months to 29 August fell by 1.4%. Consumer electronics showed some growth, with strong television and personal computer sales offsetting weakness in video games. The internet now accounts for 28% of its business, and online Check & Reserve grew by nearly 50%. Changes in the sales mix and the net impact of adverse currency movements hit margins, and will do so further in the second half. Terry Duddy, chief executive of Home Retail Group, continues to ‘plan cautiously for consumer demand'.

Key indicator

At DSGi UK trading in the 16 weeks to 22 August was reportedly in line with expectations, which must have been modest given that like-for-likes were down by 14% in electrics and 15% in computing, with last year's re-pricing of TVs, significantly lower levels of B2B sales in PC World (down by a quarter) and the roll out of store refurbishments to blame. Its e-commerce sales operation (Dixons.co.uk and PIXmania) grew by 6%.

John Browett, group chief executive, remains cautious about the economic outlook, though encouraged by progress with his much-vaunted Renewal and Transformation plan. He is anxious not to call the end of the recession, but believes the consumer mood is ‘less pessimistic' than earlier in the year. The next couple of months, when like-for-like comparisons can be made against last year's financial crisis, will be a key indicator of sentiment.

Jessops, the troubled camera specialist, reported like-for-likes down by 4.7% in the 12 weeks to 16 August, broadly in line with the first-half. The 72- year-old chain is now owned by its bank after a solvent restructuring. The business floated at 155p per share just five years ago; now shareholders will get a penny for every ten shares they own. Chairman David Adams, brought in two years ago to rescue the failing business, admitted that Jessops' dire financial situation was not the result of the recession but of an over-ambitious and unrealistic ‘growth at any cost' business plan.

Game, the pc and video games retailer, saw like-for-like sales in the eight months to 19 September fall by 17%. Margins rose a little, with pre-owned products now accounting for over a quarter of group sales. Chairman Peter Lewis remains optimistic for the key Christmas selling period.

Momentum

And finally, as usual John Lewis provides the most up-to-date trading data. In August, sales of ‘electricals and home technology' fell by 3%, but each week of September produced modest year-onyear increases. As a result, for the nine weeks to 3 October such sales increased by 0.1%. However the figures are distorted by a major new store opening in Cardiff in the last week of September, and to a lesser extent by one in Leicester the previous September. Like-for-likes therefore are down a little.

Chairman Charlie Mayfield believes trading conditions this year will continue to be better than expected. However, 2010 may be difficult and he foresees a slow, drawn out economic recovery. After a decent start (to the second half), he is ‘confident that the Partnership is wellplaced to trade strongly and maintain momentum'.

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