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.”

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