THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Home Retail Group raises profit expectations after sales growth at Argos and Homebase

Home Retail Group, the owner of Argos and Homebase, has said its annual profits should come in ahead of expectations after both retail chains enjoyed a strong end to their financial year.

GENERAL MERCHANDISE

Home Retail Group raises profit expectations after sales growth at Argos and Homebase

Home Retail Group, the owner of Argos and Homebase, has said its annual profits should come in ahead of expectations after both retail chains enjoyed a strong end to their financial year.

Like-for-like sales at multi-channel retailer Argos rose by 5.2% in the final eight-week trading period in the year to 1 March 2014. Total sales grew by 5.2% to £526 million.

Home Retail Group said electrical products continued to deliver a positive sales performance at Argos, driven by growth in video gaming, TVs, small domestic appliances and white goods. Sales across the remaining product categories were broadly flat year-on-year with the exception of jewellery which saw a small decline.

For the full year, online represented 44% of total sales at Argos, which was an increase of 42% on the same period last year. Within this, mobile commerce sales grew by 89% to represent 18% of total Argos sales

Meanwhile the Homebase DIY chain saw like-for-like sale increase by 9.3% during the eight week period driven by further growth in big ticket sales as well as growth across the remaining product categories. Total sales climbed by 6.9% to £203 million.

For the year to 1 March 2014, sales at Argos rose by 3% to £4 billion while Homebase sales increased by 4.1% to £1.5 billion.

As a result of the trading performance, Home Retail Group now expects group benchmark profit before tax to be slightly ahead of the top end of the current range of market expectations of £107 million to £111 million.

Outgoing chief executive Terry Duddy said: “The positive sales performance in the last few weeks of our financial year concludes a good year for both Argos and Homebase, with both businesses having delivered like-for-like sales growth throughout the year.

“We have made good progress with the investment plans in both businesses during the current financial year and we have a clear agenda for growth. However, although there are signs that economic conditions may be beginning to improve, we will continue to plan for a subdued consumer environment.”

To view the latest career opportunities with Home Retail Group, click here.

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

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
Fix The Dinosaur Roundtable 2018
Fix The Dinosaur Roundtable 2018
19 October 2018
The Euston Suite, The Hallam, 44 Hallam St, London W1W 6JJ
A Masterclass in IBMi Legacy Issues