Homebase reports positive results

Homebase owner Home Retail Group has reported improved figures.

The owner of Argos and Homebase, Home Retail Group, has reported an increase in annual profits.

Pre-tax profits for the year to 28 February rose 32 per cent to £93.8m, with total sales up one per cent to £5.71bn.

Like-for-like sales at Homebase rose 2.3 per cent. The group closed 27 Homebase stores to reduce the number to 296. It plans to close about 80 by 2019.

John Walden, chief executive of Home Retail Group, said: "Both Argos and Homebase contributed positive like-for-like sales and profit growth for the second successive year.

"I believe the strategic plans we are pursuing across the group will enable us to innovate and lead in a rapidly changing retail market.

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