Stronger than expected trading at Argos and Homebase lifted half-year profits at parent firm Home Retail Group, despite “challenging” conditions.
Underlying pre-tax profits in the six months to August 29 rose one per cent to £123 million as total sales climbed three per cent to £2.8 billion.
Like-for-like sales at Argos fell two per cent while Homebase same-store sales climbed three per cent as the DIY chain was boosted by demand for kitchens.
Chief executive Terry Duddy said the company remained cautious about consumer demand over the rest of the financial year, while it also expects a more significant impact from adverse currency movements.
He said: “The group’s operational and financial strength will continue to sustain our competitive advantage in the market place.”
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