Homebase sales slump in "difficult retail environment"

Homebase store
Homebase store

Homebase's like-for-like sales fell 8.3 per cent in the second quarter of 2008 because of what Home Retail group chief executive Terry Duddy described as a “difficult retail environment”.

Sales at the gardening/DIY chain were at £389m in the second quarter. Four openings and two closures means there are now 345 Homebase stores. The six months from March to August saw sales of £829m, down 10.3 per cent.

Duddy said profits should be in line with expectations because margins have increased by 1.25 per cent. With additional space adding 7%, overall sales were down 3% at £829 million. Profits however should be in line with expectations as the DIY group has increased margins by 1.25%.

He added: “The group’s focus on cost control should result in benchmark profit for the half-year being in line with our expectations; the Group has also had further good cash generation. Profits for the financial year as a whole are, as ever, dependent on the key Christmas trading period.”


Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +
Horticulture Jobs
More Horticulture Jobs

Are you a landscape supplier?

Horticulture Week Landscape Project Leads

If so, you should be receiving our new service for Horticulture Week subscribers delivering landscape project leads from live, approved, planning applications across the UK.