HRG performs ahead of expectations
10 September 2009 09:34
Home Retail Group, which encompasses the Homebase and Argos chains, has said that good cost management, combined with a good performance ahead of expectations, will see anticipated pre-tax profits for the group to be in-line with last year's £121 million.
Terry Duddy, chief executive of Home Retail Group, commented: "We are pleased that both Argos and Homebase performed well, delivering cash margin ahead of our expectations…
"We approach the key Christmas trading period from a position of operational and financial strength, but continue to plan cautiously for consumer demand. We will also have a more significant impact from adverse currency movements in the second half of the year".
At Argos, total sales grew by 2.5% to £951 million, in the 13 weeks to August 29th, although like-for-like sales declined by 1.4%. Meanwhile, total sales at Homebase grew by 2.9% to £401 million and like-for-like sales increased by 1.6%, stimulated by "successful promotions and the clearance of over-wintered stock".
Retail news is updated every weekday and is provided courtesy of: 
