Thanks to the new iPad, Argos has defied the recession, declining high street sales and the Eurozone crisis, to see its best sales figures in three years.

The high-street catalogue store reported better-than-expected sales thanks to the launch of the new iPad. Argos said it had seen demand for laptops and tablets including Apple's new iPad (iPad 3) offset a continued decline in sales of televisions and games consoles. The firm claimed its takings on laptops and tablets were up nearly 40 per cent, noting that the iPad had gone “mass market”.

The sales at Argos were actually down 0.2% (£819m) in its financial quarter that ended on 2 June 2012, but this figure was expected to be much lower. The company had seen declining sales over the past two years.

Argos said the market "remained challenging", according to The Telegraph.

Following the news, shares in Home Retail Group, owner of Homebase and Argos, jumped 27%.