Home Retail profits lifted by Argos
24/10/2007 - 07:43:29Soaring profits at retailer Argos helped parent Home Retail Group to deliver better than expected results today.
Strong sales of flat panel TVs, games consoles and mobile phones saw Argos lift operating profits by 50% to £99.5m (€143m) in the half-year to September 1, with like-for-like sales ahead 1.4%.
The performance boosted Home Retail Group’s pro-forma pre-tax profits by 40% to £149.8m (€215m), beating analysts’ consensus forecasts.
Chief executive Terry Duddy described the Argos performance as a “particularly good result”, but said the group remained cautious over the consumer outlook following recent interest rate hikes.
The wet summer weather meanwhile dampened profits at its DIY chain Homebase, where like-for-like sales slipped 2.5% over the period.
