NEWS

Home Retail announces drop in year-end like-for-like sales

Published on: 12th March 2015

Home Retail delivered a weaker-than-expected finish to the year at both its Argos and Homebase chains.HomeRetail-wordpress

Despite this result it said cost controls and improvements to its margin had helped the bottom line and it expects pretax profit for the year to be at the top end of market forecasts of £120 million to £132 million. Analysts on average expected £123 million, according to Reuters data.

The company said like-for-like sales at its bigger Argos chain fell 5% in the eight weeks to end-February, falling far short of forecasts of a 0.2% fall, reflecting poor demand for consumer electronic products.

Sales at its Homebase DIY chain on the same measure also fell, dropping by 0.9%t against predictions for a rise of 0.4%.

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