Homebase sales slump
Published: 09 September, 2011
CREWE: Home Retail Group has reported sharp falls in sales at Homebase and Argos stores as weaker consumer spending takes its toll.
Like-for-like sales in the 13 weeks to 27 August fell by 3.1% to £382m at Homebase. On a total sales basis, sales at Homebase fell by 3.8%. "Overall, the performance in the quarter was in line with our expectations," said group chief executive Terry Duddy. Second quarter sales at Homebase were challenging after a good first quarter, he said. Figures from the British Retail Consortium on Tuesday suggested UK retail sales fell in August, as weak consumer confidence and high inflation undermined High Street spending.