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Home Retail Group full year profits down 28%

Argos owner Home Retail Group has seen its full year profits fall by 28%.

GENERAL MERCHANDISE

Home Retail Group full year profits down 28%

The group, which sold its Homebase business recently, is now in the middle of a takeover by Sainsbury’s. This has resulted in an £852 million exceptional goodwill impairment charge which has impacted profits.

In the year to 27 February, benchmark pre-tax profit dropped from £132.1 million to £94.7 million.

Meanwhile, sales for the year fell 1% to £5.7 billion. Sales at Argos were flat while Homebase sales dipped by 3%.

Home Retail Group chief executive John Walden said: "The past year has been a landmark period for the group, during which we have completed the sale of Homebase and recommended to shareholders the offer from J Sainsbury plc for the acquisition of the remaining group, principally Argos. I am pleased that, with its offer for Home Retail Group, Sainsbury's has recognised the good progress we have made in transforming Argos into a digital retail leader.”

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