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Homebase sales drop as parent posts profits rise

Published: 2 May 2007
The Home Retail Group, has revealed a jump in profits despite a 1.4% like-for-like (lfl) drop in sales at its Homebase stores.
The group posted pre-tax profits of £376.7m for its last financial year - helped by a 2.4% (lfl) increase in sales at Argos. Overall, total group sales rose 6% to just under £5.9bn.

Homebase sales dropped following disappointing sales of diy and home decorating products and follows a 3.1% drop in sales the previous year.
Chief executive, Terry Duddy, said: "The group performed strongly for the financial year.

"However, we remain cautious on a retail environment that is expected to be challenging."

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