Home Retail Group Plc (HOME.L, HMRLF.PK), in its interim management statement covering the 13 weeks from March 3rd to June 1st, 2013, announced that its trading has been consistent with its expectations.
According to the Group, Argos delivered a good start to the year driven by continued success in consumer electronics and electricals, helped by growing internet and mobile commerce sales. Total sales at Argos improved 1.2% to 828 million pounds, while net closed space reduced sales by 0.7% in the quarter with the store portfolio remaining at 737. On a like-for-like basis, sales went up 1.9% in the quarter.
Homebase's total sales rose 0.2% to 422 million pounds, with net closed space lowering sales by 1.2% in the quarter with the store portfolio remaining at 336. Like-for-like sales grew 1.4% in the quarter, driven by the performance in big ticket products, which was partially offset by lower sales of seasonal products representing nearly 40% of quarterly total sales and which were hurt by the volatile weather conditions. Sales for the remaining categories were broadly flat.
While the company projects consumer spending to remain subdued, it is on track with delivering its investment plans to drive the long term development of both Argos and Homebase.
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