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Comet and Homebase add to High-Street cheer
10.09.09
The flow of good news from the High Street continued today, with upbeat numbers from the Home Retail Group and electricals firm Kesa, which owns Comet.
Home Retail — which owns Argos and DIY store Homebase — has had a tough time in the last year as its customer base turned cautious during the downturn.
Today it said that sales at Argos rose 1.7% in the half year to the end of August and Homebase rose 4.4%.
Chief executive Terry Duddy said: “We are a bit more optimistic but I don't think we are through it. We are a long way from recovery,” adding that he remains focused on keeping costs down.
Profit for the first half should hit £121 million — the same as last year. Home Retail shares have bounced back by a third in the past three months. But today they fell 22.8p to 306.9p.
Kesa Electricals also posted better-than-expected trading. Sales in the three months to the end of July were up 0.3% at Comet, though they fell overall because of tougher conditions in France.
“All of the businesses have maintained a strong focus on protecting retail profit and have prepared themselves for the more significant trading period ahead,” Kesa said.
