28th Jan 2009 15:00
28 January 2009
Home Retail Group plc
Update on the India development trial
A review of the trial to develop the Argos format in India has now been completed. A decision to discontinue the trial following the initial two year development period has been taken mutually by Home Retail Group, Shoppers' Stop and HyperCITY. The trial had not met the planned
performance levels to support the investment required in the current Indian economic climate.
The existing retail operations will be wound down, at minimal cost to Home Retail Group. At some point in the future, the Indian retail market may still present an attractive long term growth opportunity for the Argos multi-channel model.
Enquiries
Analysts and investors (Home Retail Group)
Richard Ashton Finance Director 01908 600 291
Stuart Ford Head of Investor Relations
Media (Finsbury)
Rollo Head 020 7251 3801
Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.
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