Business
Interim Management Statement
Interim Management Statement.
About this update from Home Reit Plc
[{"type":"text","content":"\n \nRNS Number : 4227J Home Retail Group Plc 12 June 2014 \n\n12 June 2014\n \nHome Retail Group plc\nInterim Management Statement\n \nHome Retail Group, the UK's leading home and general merchandise retailer, today publishes an Interim Management Statement covering the 13 weeks from 2 March to 31 May 2014.\n \nJohn Walden, Chief Executive of Home Retail Group, commented:\n \n\"We have had a good start to the year, with both Argos and Homebase delivering positive like-for-like sales growth. This growth was aided by a strong performance in seasonal products in both businesses, due to better weather overall versus the comparable period last year. In addition to this strong performance in seasonal products, Argos delivered further sales growth in electrical products whilst Homebase achieved growth in sales of big ticket products.\n \n\"We are pleased with this encouraging start to the year, but remain mindful that we will annualise more challenging comparators in both businesses through the remainder of the year, including Homebase's very strong seasonal performance in the second quarter of last year. At this early stage of the financial year, we expect to deliver full year Group benchmark profit in line with current market expectations.\"\n \n\n\n\n\n\n\n\n\n\n\nQ1\n(13 weeks to\n 31 May 2014) \n\n\n\n\n\n\n\nArgos\n\n\n\n\n\n\n\n\n\n\n\n\n\nSales\n\n\n\n\n\n£868m\n\n\n\n\n\n\n\nLike-for-like sales change\n\n\n\n\n\n4.9%\n\n\n\n\n\n\n\nNet space sales change\n\n\n\n\n\n(0.1%)\n\n\n\n\n\n\n\nTotal sales change\n\n\n\n\n\n4.8%\n\n\n\n\n\n\n\nGross margin movement\n\n\n\n\n\nDown c.25bps\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHomebase\n\n\n\n\n\n\n\n\n\n\n\n\n\nSales\n\n\n\n\n\n£445m\n\n\n\n\n\n\n\nLike-for-like sales change \n\n\n\n\n\n7.9%\n\n\n\n\n\n\n\nNet space sales change\n\n\n\n\n\n(2.4%)\n\n\n\n\n\n\n\nTotal sales change\n\n\n\n\n\n5.5%\n\n\n\n\n\n\n\nGross margin movement\n\n\n\n\n\nDown c.50bps\n\n\n\n\n\n\n\n \nArgos\nTotal sales at Argos grew by 4.8% to £868m. Although the store portfolio remained unchanged at 734, net closed space reduced sales by 0.1% in the quarter.\n \nLike-for-like sales increased by 4.9% in the quarter. Growth was driven by a strong performance in seasonal products together with continued sales growth in electrica...