The company said consumers were holding off purchasing products until after the Christmas period, and their sales for the first two weeks of January reflected this, with figures up by two percent.
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"The sales pattern through the period was as we anticipated, with customers waiting for the post-Christmas sales to purchase discretionary products, particularly televisions and laptops," said chief executive John Browett.
However, Browett added he expected 2009 to be "challenging" and was "actively planning and managing the business". This includes cutting costs by a further £20m to bring total cost saving to £95m.
The company also said it was not retaining some of the temporary staff hired for the festive period while the number of seasonal staff employed was less than on previous years.