Sales down three per cent at Homebase

Homebase owner Home Retail Group has revealed a full year profits drop of 28 per cent in the year to 27 February 2016.

The Homebase and Argos parent company said benchmark pre-tax profit fell 28 per cent in the year to 27 February to £94.7m. Group sales were down one per cent - flat at Argos, while three per cent at the DIY/garden centre specialist Homebase, which sold to Wesfarmers in February.

Wesfarmers bought Homebase for £340m on 27 February, while Sainsbury later bought Argos.

Home Retail Group chief executive John Walden said: "The past year has been a landmark period for the group, during which we have completed the sale of Homebase and recommended to shareholders the offer from Sainsbury for the acquisition of the remaining group, principally Argos. I am pleased that, with its offer for Home Retail Group, Sainsbury's has recognised the good progress we have made in transforming Argos into a digital retail leader.

"During the year we continued to progress the Argos transformation plan, including the introduction of Fast Track, which offer market-leading propositions for both same-day home delivery and store collection. We have been encouraged by the customer response to Fast Track with our on-time delivery rates and customer satisfaction having continued to improve to leading levels.

"Argos also now has a proven digital store model, including small formats and concessions, which require lower capital outlay and provide customers with fast access to an expanded product range regardless of store stock capacity.

"Finally, the group ended the year with a cash balance of £623m, which is significantly stronger than previously anticipated. With leading digital capabilities, new Fast Track propositions, proven and flexible digital store formats and strong financial resources, we are well positioned for an exciting future."

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

Read These Next

Pots and containers

Pots and containers

Superior propagation products can justify extra expenditure by providing precise cell fill, optimum root development and healthy plugs, writes Sally Drury.

Business Planning - Inflationary pressures

Business Planning - Inflationary pressures

How can horticulture businesses respond to Brexit-fuelled inflation? Neville Stein outlines the options.

Garden centre profile: Mappleborough Green Garden Centre

Garden centre profile: Mappleborough Green Garden Centre

Phase two of the redevelopment of the former Badger Nurseries has delivered rapid and impressive results, Matthew Appleby discovers.

Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +
Horticulture Jobs
More Horticulture Jobs

Garden retail Top 100 GARDEN CENTRES

Our exclusive ranking of garden centre performance by annual turnover. NEW: 2016 listing just published

Garden Centre Prices

GARDEN CENTRE PRICES w/e 21 September 2016
GARDEN CENTRE PRICES w/e 24 August 2016

Pest & Disease Tracker bulletin 

The latest pest and disease alerts, how to treat them, plus EAMU updates, sent direct to your inbox.

Sign up here