Home Retail full year profit up 15%
Home Retail Group has reported a rise in full year sales of 2.3 per cent to £9,985 million. The company, which owns Argos and Homebase, added that its pre-tax profit for the 52 weeks to 1 March 2008 had risen 15 per cent to £433 million.
One in five fears for mortgage paymentLike for like sales at Argos went up 0.7 per cent in the period, whilst Homebase saw it's like for like sales drop 4.1 per cent.
Home Retail said that its basic earnings per share were up 16 per cent to 33.9 pence per share and that it would be recommending a final dividend of 10 pence per share. The company's full year dividend also went up 13 per cent to 14.7 pence per share.
Oliver Stocken, chairman of Home Retail, said, "We are pleased to report another year of double-digit earnings growth. This is an excellent performance and is testament to the underlying strength of the Group and the hard work of all our colleagues across the businesses."
Whilst Terry Duddy the chief executive commented, "Record profits have been achieved at Argos, and Homebase has traded relatively well in more difficult market conditions. As we head into a weakening consumer environment, we believe that the Group is well positioned both operationally and financially, and has a clear strategy to deliver long-term growth."
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