Home Retail ups profit forecast

HOME Retail this morning lifted its profit forecast for the second time this year as sales at Argos bounced back.

The group, which also owns the Homebase brand, said full-year pre-tax profit is now expected to be around £90m, up from £83m it forecast in January.

Over the eight weeks to 2 March, like-for-like sales at Argos grew by 5.2 per cent to £501m. The sales uplift comes as the electrical retailer is trying to position itself from a catalogue-led business to a digital one.

Homebase wasn’t such a bright spot, as like-for-like sales fell 1.5 per cent over the eight weeks.