Homebase News Update: Turnaround Plans on Track

homebase turnaround plans on track

Homebase News Update: Turnaround plans on track. The owner of the Homebase and Argos retail chains has said that the plans for turnaround are on track.

Home Retail Group who own the two brands say that sales for the group increased to over two billion with Argos being up 2.3% and Homebase increasing to 5.9%. However pretax profits were reported as having fallen to just over fourteen million. After stripping the one off item figures out of the equation however, profit figures were up fifty three percent at just over twenty seven million pounds.

Profits have fallen for five years in a row but the Home Retail groups update of Homebase Stores and increasing on line sales of Argos products is now, it seems, set to reverse the trend. Internet sales now account for forty three per cent of the total sale for Argos. This has mostly been generated through tablets and smartphone sales that have accounted for sixteen per cent of sales. The tie up with eBay has also helped where shoppers can order certain goods from the on line site, eBay and then have them delivered to Argos and pick them up from a store.

Homebase News Update

The Chief Executive Officer of the Home Retail Group, Mr. Terry Duddy said that both Homebase and Argos were doing well with the investment plans that they had in place and were well on target to meet the long-term strategic objectives that they had set for themselves. Mr. Duddy however did qualify his optimism by making the point that trading conditions were still very difficult for all concerned.

Looking towards results for the second half of the year he said that consumer spending was likely to remain sluggish and that while some macroeconomic indicators did show some improvement that had not, as yet led to any appreciable increase in disposable income for households in the UK. The heat wave in this summer, he said, had boosted sales of garden items and he was also confident that running up to Christmas the group was in very good shape.

The DIY store is somewhere that all of us will have visited at some time to get those essentials for home improvement or to browse the many other items that are for sale there. For the DIY enthusiast it is easy to loose himself or herself in dreaming about all the possibilities there would be with an unlimited budget and all the time in the world to devote to their projects.

Call the Homebase contact number to contact the customer services department and speak with a member of their team.

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