Mixed results for Argos owner

21-11-2006

Mixed results for Argos owner
Home Retail Group, the parent company of both Argos and Homebase, has announced an uneven set of results for the half-year, following last month's demerger from GUS.

High street and catalogue retailer Argos experienced a 22 per cent rise in profits to £72.4 million, but earnings at DIY outlet Homebase were down by a fifth to £40.8 million.

The group's overall results revealed an eight per cent increase in sales to £2.82 billion, with profits up two per cent at £106.9 million.

Chief executive officer Terry Duddy today insisted that the group had delivered a "good performance" against a backdrop of "challenging conditions".

"While we remain cautious on the short-term outlook for UK consumer spending, we will continue to drive our businesses forward for long-term growth. We have set out a clear strategy to achieve this, including leveraging the strength and breadth of our product offering and our unique multi-channel skills," he said.

Home Retail Group chairman Oliver Stocken added: "We are delighted that our successful demerger has created the opportunity for investors to invest directly in what we believe is an extremely well-positioned and focused business."

As part of the GUS demerger, credit monitoring service Experian became a separate listing, with the firm today announcing its sales have gone up 17 per cent and profits rising 16 per cent to $388 million (£204 million) for the half-year.


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