THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Online Conversion Webinar 2020
Future of Retail Marketing 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Homebase returns to profit

Homebase made a return to profit ahead of plan in 2019 with an EBITDA profit of  £3.2 million compared with a loss of £114.5 million in… View Article

HOME & DIY

Homebase returns to profit

Homebase made a return to profit ahead of plan in 2019 with an EBITDA profit of  £3.2 million compared with a loss of £114.5 million in the previous year.

Like-for-like sales rose by 2.6% as customers responded well to new ranges and improvements to both the in-store and online shopping experience.

In addition, the company reduced its cost base by over £180 million.

During the year, Homebase refreshed and expanded its product ranges in the home furniture, decorating, kitchens and garden categoris and also invested in new products and services.

The company said its acquisition of Bathstore has significantly enhanced its range and offer. It now has 49 Bathstore concessions operating in Homebase stores.

Damian McGloughlin, chief executive of Homebase, said: “Eighteen months into our turnaround, we’re extremely proud of what our team has achieved, working hard with our partners to return to profit and lay solid foundations for growth.

“We have a very clear vision for Homebase, and we’re excited about the plans we have for the future. We will continue to invest in our ranges, services, and team members as we make Homebase the go to place for the inspiration, expertise and products customers need to take their ideas and create homes they love.”

The company’s plans for 2020 include expanding its product range to to enable it to become a single destination for home and garden projects. It is also planning to trial two small standalone stores in  Cheadle and Sutton which will be called Decorate by Homebase.

Andy Coleman, chief financial officer of Homebase, said:  In the last 12-months we’ve removed over £180 million of cost from Homebase, as well as investing to create the right foundation for growth. Having returned to profit ahead of plan, we are very well set to undertake further investment in our stores, ranges, the online business and our teams.”

“Customer response to the changes we’re making is extremely encouraging, and 2020 will be a very exciting year for our team and customers.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Online Conversion Webinar 2020
Online Conversion Webinar 2020
April 30 2020
Now online - Please register for details
The Retail Bulletin Online Conversion Webinar 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Now online, please register for details
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
The Future Of AI in Retail Conference 2020
The Future Of AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY
Omnichannel Futures Conference 2021
Omnichannel Futures Conference 2021
3 February 2021
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy