Gross margin was slightly ahead of last year. A negative product mix impact was more than offset by continued supply chain gains and a less promotional stance.
Homebase:
Homebase's total sales declined by 0.2% in the quarter. The contribution to sales growth from net new space was 2.7%, with a net two new stores opened in the period to bring the total to 307.
The planned reduced level of promotional activity, together with tough comparables, resulted in lower big ticket sales compared to a year ago. Offsetting much of the decline were good performances from housewares categories including lighting, as well as from home security, paint and flooring.
Gross margin was strongly ahead of last year. This was driven by further benefits from supply chain initiatives, together with the planned lower promotional activity. There will be a conference call for analysts and investors to discuss this update at 7.30am this morning.
Home Retail Group is the UK's leading home and general merchandise retailer with sales of over £5.5 billion in the last financial year. It sells products under two distinctive and complementary retail brands, Argos and Homebase, which are household names in the UK.
Argos is a unique multi-channel retailer recognised for choice, value and convenience and is the UK's leading seller of general merchandise. Homebase is the UK's second largest home improvement retailer and is recognised for choice, style and customer service across the wider home enhancement market.
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