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.