Home Retail Group feeling the pinch
11 September 2008 09:04
Home Retail Group has said that a poor performance from its Argos and Homebase divisions was indicative of a tough customer environment.
In a statement, the company said that like-for-like sales at Argos were 5.8% lower in the second quarter, covering the 13 weeks to August 30th, compared with a flat performance seen in the previous quarter.
Homebase same-store sales fell 8.3%, although this was better than the 12% fall reported for the first quarter.
Terry Duddy, Chief Executive of Home Retail Group, commented: "The performance of Argos and Homebase in the latest quarter was reflective of a difficult consumer environment. However, the group's focus on cost control should result in benchmark profit for the half-year being in line with our expectations; the group has also had further good cash generation. Profits for the financial year as a whole are, as ever, dependent on the key Christmas trading period, though the group's operating model and financial strength will see us well positioned to compete in challenging conditions".
Retail news is updated every weekday and is provided courtesy of: 
