Business World

Sunday 31 August 2014

Argos owner nudges up profit expectations after sales surge

Published 13/03/2014 | 08:18

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A member of staff helping a customer in its new trial store in Old Street, London, where tablet computers will replace the retailer's trademark laminated catalogues
A member of staff helping a customer in its new trial store in Old Street, London, where tablet computers will replace the retailer's trademark laminated catalogues

Home Retail Group said annual profit would now be slightly ahead of the top end of market forecasts after it delivered a much better-than-expected finish to the year at its Argos and Homebase businesses.

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The firm said on Thursday it expected group benchmark pretax profit to be "slightly ahead" of the top end of the current range of market forecasts of £107m to £111m.

In January the firm had guided to an annual profit towards the top end of forecasts of £90-£109m.

Sales at Argos stores open over a year rose 5.2pc in the final eight weeks of its fiscal year to March 1, while sales on the same basis at Homebase rose 9.3pc.

Both rises were well ahead of average analyst forecasts of a 1.8pc rise at Argos and 3.4pc rise at Homebase.

 

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