The Home Retail Group has observed a fall in its 12-monthly profit of just beneath 10%. The group who own Argos and Homebase have submitted full year profits of £265.2m which has been envisioned as the group had posted a profit warning last month, the firm reports revenue had fallen 2.8% to £5.85bn along with the cash gross margin fell 4% to £2.18bn. During the past year they saw a profit of £292.9m even so the DIY marketplace that Homebase competes in has been reducing.
A significant proportion of the Property Retail Group’s business is transferring to internet retail, reaching practically 50 % of all sales within the case of Argos. Argos is all so establishing a shopping channel to contend within the home buyer marketplace.
The group also have cut the costs of distribution and operation by 3%. Share costs remain around the 200p mark with a rise of 5% in early trading.
Home Retail Group chairman Oliver Stocken said:
"Economic uncertainty as well as a low level of consumer confidence continue to adversely impact customer spending patterns, despite these challenges, the group continues to construct on its strategic advantages to guarantee that it will be well-positioned for the economic recovery over the longer term."
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