29th Apr 2015 06:46
LONDON (Alliance News) - Home Retail Group PLC Wednesday reported benchmark pretax profit for its recently ended financial year at the top end of its expectations, as both Argos and Homebase demonstrated a second year of like-for-like sales growth.
The owner of the Argos general merchandise chain and the Homebase DIY chain reported pretax profit for the year ended February 28 of GBP132.1 million, up 14% from the GBP115.4 million the year before and at the top end of its expectations.
Overall sales grew slightly by 1% to GBP5.7 billion, as like-for-like sales at Argos and Homebase grew 0.6% and 2.3%, respectively.
However, Home Retail warned that it will "continue to plan conservatively and assume only low levels of market-driven growth" in the face of an uncertain economic environment in 2015.
The company will pay a final dividend of 2.8 pence, making for a payout of 3.8p for the full year, up 15% from the 3.3p paid the year before.
"The group performed well in FY15 and ahead of consensus profit expectations, achieving 14% growth in benchmark profit before tax and 25% growth in benchmark EPS. Both Argos and Homebase contributed positive like-for-like sales and profit growth for the second successive year. I believe the strategic plans we are pursuing across the group will enable us to innovate and lead in a rapidly changing retail market," Chief Executive John Walden said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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