Home Retail Group CEO: We’re looking strong
Thu 11 Mar 2010
Written by Chris Randal
The Chief Executive Officer (CEO) of Home Retail Group (HRG) has shown confidence in the year ahead after announcing results for the final eight weeks of the financial year ending February 27th.
With a full-year update set to be given on Wednesday April 28th, Terry Duddy said the 2010-11 period begins with his firm in a “position of operational and financial strength”.
Breaking down the individual results, figures show that total sales at Argos dropped by 6.6 per cent to £537 million during the eight weeks, while Homebase total sales stayed at £205 million. However, the data indicates that annual sales levels will be relatively strong.
Mr Duddy commented: “The final short trading period reported today saw volatile trading patterns, making it difficult to assess any changes in underlying consumer demand.”
However, he added that pre-tax group benchmark profit for the year will be around £290 million, which is “slightly ahead of current market expectations” and “a good outcome to a challenging year”.
There was more good news for the business last month, with HRG Financial Services picking up the Best Technology Initiative of the Year at The Card Awards ceremony in London.
The successful scheme replaced the entire account management system of the Argos and Homebase store cards and has helped put the businesses in a position to deal with customers faster and more efficiently.
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