Home Retail Group plc
Interim Management Statement
Home Retail Group, the UK's leading home and general merchandise retailer, today publishes an Interim Management Statement for the 18 weeks from 2 September 2012 to 5 January 2013.
Terry Duddy, Chief Executive of Home Retail Group, commented:
"Argos had a good peak trading period building on its first half performance. Internet sales for the year to date now represent 42% of Argos' total sales, within which mobile commerce sales grew by 125% as our customers took advantage of new tablet and smartphone apps and improved website functionality.
"As a result of good operational management and cash generation over the peak trading period, we now expect Group benchmark profit before tax for this financial year to be about £10m ahead of the current market consensus of £73m and the year end cash balance to be in excess of £300m. Whilst we anticipate consumer confidence will remain subdued in the coming year, we are focussed on delivering the transformation plan to reinvent Argos as a digital retail leader and the ongoing development of the Homebase proposition."
