12th Sep 2013 06:29
MILTON KEYNES (Alliance News) - Home Retail Group Plc (HOME.L, HMRLF.PK) in its second-quarter trading statement, said that total sales at Argos grew by 2.4% to 889 million pounds. Like-for-like sales increased by 2.7% in the quarter. Growth was driven by strong sales in seasonal products which benefited from favourable weather conditions; this combined with continued growth in electricals, more than offset sales declines in furniture and homewares.
Total sales at Homebase grew by 9.3% to 400 million pounds. Like-for-like sales increased by 11.0% in the quarter driven by strong sales of seasonal products, which represent about 40% of total sales in the quarter and which benefited from favourable weather conditions. Big ticket sales performance was also slightly ahead while sales in the remaining categories were slightly down.
The company said it expect to deliver full year Group benchmark profit in line with current market expectations but, as always, the outcome will depend upon Argos' peak trading period.
Terry Duddy, Chief Executive of Home Retail Group, said, "Whilst we continue to expect consumer spending to remain subdued, we approach the important Christmas trading period in good operational shape. We are on track to deliver the investment plans which will drive the long term development of both businesses."
Copyright RTT News/dpa-AFX
Related Shares:
Home Reit