Business Irish

Saturday 21 October 2017

Heatwave boosted Home Retail's sales

John Mulligan

John Mulligan

The summer heatwave helped Homebase and Argos owner Home Retail Group deliver solid trading in the quarter to the end of August, driving its shares up over 5pc to £1.73 (€2.05) in London.

Home Retail Group chief executive Terry Duddy said that Homebase had traded well through its peak summer period and that Argos had continued to build on its internet sales.

"At this stage of the financial year, we 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," he said.

He added that while trading conditions remain tough, the group is approaching the key Christmas period for Argos in "good operational shape".

Home Retail said that total sales at Argos rose 2.4pc to £889m in the last quarter, with like-for-like sales having climbed by 2.7pc in the period. It said growth was driven by strong sales in seasonal products.

Argos sales made via the internet now represent 44pc of total Argos sales, up from 42pc in the second quarter last year.

Total sales at Homebase rose 9.3pc to £400m.

Irish Independent

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