Home Retail posts 3% rise in sales

21st Oct 2009 07:09

Home Retail reported a 3% rise in half year sales but said it remained cautious about prospects for consumer demand.Sales rose to £2,805m in the 26 weeks to 29 August from £2,736m, reflecting growth of 1.7% at Argos and 4.4% at Homebase. Like-for-like sales were down 2.1% at Argos and up 2.8% at Homebase.Profit before tax was up 1% at £123m. The group said trading at both Argos and Homebase exceeded its expectations.The interim dividend has been maintained at 4.7p.'We continue to plan cautiously for consumer demand over the remainder of the financial year, and there will also be a more significant impact from adverse currency movements during this period,' said chief executive Terry Duddy.'The group's operational and financial strength will continue to sustain our competitive advantage in the market place.'Shares in the group are currently down 2.44% at 300.50p.