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Trading statements

Home Retail sees continued improvement at Argos

10 March 2016 07:30

Home Retail Group reports a continued improvement in Argos's sales performance in the final eight-week trading period for the financial year ended 27 February.

And the group expects benchmark profit before tax to be in line with the current consensus of market expectations of £93m.

Chief executive John Walden said: "This has been another rather eventful period for the Group, during which we completed the sale of the Homebase business and both J Sainsbury plc and Steinhoff International Holdings N.V. announced possible offers for the acquisition of the remaining Group. "I am pleased with the continued improvement in Argos' sales performance in the period, together with the continued progress in the Argos Transformation Plan to become a digital retail leader. In October we introduced FastTrack - market-leading propositions for same-day home delivery and store collection. Since its introduction, customer awareness of FastTrack has continued to grow and its operations are improving, with both on-time delivery rates and customer satisfaction now at leading levels. Along with FastTrack, the combination of our now proven digital concession model, together with improvements in digital experiences have driven increases in both digital sales and digital participation. "We expect that Group benchmark profit before tax for the financial year ended 27 February will be in line with the current consensus of market expectations of £93m.1 We also expect that the Group's year-end cash balance will be significantly stronger than previously anticipated at c.£625m."

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