Chief Executive Terry Duddy is pleased with Home Retail Group's 'strong start' to the new financial year.


Home Retail Group has today published its first interim management statement for the first quarter.

The statement relates to the first 13 weeks of the financial year, from March 4 to June 2, 2007, and reveals that both Argos and Homebase have experienced sales growths of 4.5% and 5.2% respectively.

Mr Duddy commented: "We have had a strong start to the financial year in a highly competitive market. Homebase has seen good sales growth in its peak season to date, while Argos achieve like-for-like sales against a highly successful period last year."

He added: "We remain cautious given the uncertain consumer outlook and our expectations for the full year are unchanged at this early stage."

Total sales at Argos grew to £893m in the 13-week period, with internet orders seeing a 29% increase. An additional contribution of 3.6% from net new space also boosted sales after three stores were added to the chain.

Sales at Homebase reached £463m, with a 2.5% contribution from net new space and a strong performance in March and April driven by warm weather and sales of seasonal categories.

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