Home Retail Group, which owns both Homebase and high street chain Argos, said that while “economic indicators seem to be improving, however retail spending in general has been inconsistent across both product categories and geographies”.
Argos enjoyed its ninth consecutive quarter of rising like-for-like sales growth in the same period.
Yet up 1.2pc on the same period last year, the increase underperformed analysts' expectations, with total sales rising to above £900m.
Despite a good first half, “we remain cautiously optimistic about the broader economic environment”, said John Walden, chief executive of Home Retail Group.
There is “not yet a sustainable, broad-based consumer recovery”, said Mr Walden.
The group expects to deliver full-year profit in line with the market’s expectations, but stressed that this would be conditional on Argos’ Christmas performance.
more
{ 0 comments... » Homebase owner sees 'inconsistent' recovery as DIY giant's sales drop read them below or add one }
Post a Comment