Home predicts better than expected profits

Jan 14 2010 By nebusiness

Home Retail Group today said annual profits will be £20m better than expected after strong trading at its Homebase and Argos chains.

The company raised forecasts for the year to February 27 as Argos performed ahead of hopes with like-for-like sales growth of 0.1% and Homebase delivered a 4% rise in same-store sales in the 18 weeks to January 2.

While predicting that profits will be £20m higher than the City’s forecast of £265m, chief executive Terry Duddy warned the company was braced for trading conditions to remain challenging in the next financial year.