Essential reading for retailers and suppliers in the home improvement market

Homebase sales stronger than stablemate

Published: 20 April 2011
Home Retail Group (HRG) full-year results, issued this morning, show Homebase has outperformed both its sister chain Argos and the group results for the 52 weeks to February 26.
Homebase sales stronger than stablemate
The results, in line with the published expectations, showed that while sales declines were seen across the group, Homebase was ahead of the sales trend.

Total sales for the group declined 2.8% with Argos posting a total sales decline of 3.5%. Homebase on the other hand saw total sales fall 1.4%. However, the chain closed eight stores in the period. If the sales from this closed space is taken into account Homebase sales only declined 0.3% in like-for-like terms.

Benchmark operating profits declined 13.4% for the group, with Argos posting a 17.7% decline. This is in stark contrast to Homebase benchmark operating profits, which rose 15.5%.

Gross margin, however, remained flat, as stock management and "a reduced level of promotional activity" mitigated any declines

Commenting on the results, HRG chairman Oliver Stocken said: "Economic uncertainty and a low level of consumer confidence continue to adversely impact customer spending patterns." However, he added that the group was "well positioned for the economic recovery over the longer term." Therefore, full-year dividend was held at 14.7 pence.

Comments


(Your email address will not be published)
7 + 2 =  
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

Latest reader comments

re: Latest update on Green Homes Grant and implications for homeowners and landlords

John Hart
After applying for a green homes how long will it take for a decision? thanks...

re: SX Rainproof Exterior Caulk

Wally
I need the exterior sx rain resistant caulk! Can't get it anywhere so please help! How can I order it? Need it yesterday...

re: BCT can replicate any material in a ceramic tile

Christina Tiritanou
Not sure if you can help as I require a tile which has the measurements of 6”x 6”? Thank you....

re: Latest update on Green Homes Grant and implications for homeowners and landlords

colin thompson
SarahVery clear and helpful information.Thanks...

Most read stories