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Commercial Property News
Home Retail Group raises full-year outlook
Home Retail Group has increased its profit outlook for the full-year, despite seeing like-for-like sales fall in the eight weeks to February 27th.
The firm, which uses commercial property to run its Argos and Homebase brands, said it now expects pre-tax profit for the 12-month period to be around £290 million.
This is higher than the £285 million figure that been predicted by analysts in a poll held by Reuters prior to the announcement today (March 11th).
Like-for-like sales at Argos were down 9.4% during the eight-week period - with its net new business property contributing 2.8% to the total figure.
It opened three stores and closed two during the period, taking the store portfolio to 745.
At Homebase, like-for-like transactions were down 0.6%, with 349 stores trading during the period.
"The final short trading period reported today saw volatile trading patterns, making it difficult to assess any changes in underlying consumer demand," remarked chief executive Terry Duddy.
The firm, which uses commercial property to run its Argos and Homebase brands, said it now expects pre-tax profit for the 12-month period to be around £290 million.
This is higher than the £285 million figure that been predicted by analysts in a poll held by Reuters prior to the announcement today (March 11th).
Like-for-like sales at Argos were down 9.4% during the eight-week period - with its net new business property contributing 2.8% to the total figure.
It opened three stores and closed two during the period, taking the store portfolio to 745.
At Homebase, like-for-like transactions were down 0.6%, with 349 stores trading during the period.
"The final short trading period reported today saw volatile trading patterns, making it difficult to assess any changes in underlying consumer demand," remarked chief executive Terry Duddy.
Thu, 11th Mar 2010