Home Retail Group sales fall
Published: 16 March, 2012
MILTON KEYNES: Argos and Homebase owner Home Retail Group saw sales struggle in February and March. In an end of year trading statement for the eight weeks to 3 March 3 sales at Homebase fell by 6.2% to £195m.
Homebase closed one store reducing the store portfolio to 341. Like-for-like sales fell by 6.5% in the period, which Home Retail said was principally driven by the continued weakness in big-ticket sales.
Chief executive Terry Duddy said: "With trends in this short, low volume, trading period being broadly as we anticipated, group benchmark profit before tax for the 52-week period ended February 25, 2012 is expected to be in-line with current market expectations."
"Whilst we begin the new financial year in good operational shape, we will continue to manage robustly both the cost base and the cash position of the group, while prioritising investment in the ongoing development of our multi-channel capabilities."