For the year to the end of February, total sales fell 1%t to £5.9bn. Argos' like-for-like sales were down 4.8% and Homebase fared worse with a 10.2% decrease. Benchmark operating profit for Argos and Homebase was down 19% (£72m) and £30m (67%) respectively.
Underlying profit before tax (excluding a £694m non-cash charge due to writedowns and lease charges at Homebase) was £299.8m, down from £426m a year earlier.
Oliver Stocken, Chairman of Home Retail Group, said: ‘This has been a challenging year for the UK retail industry. While profit performance in the short term cannot be immune from the economic backdrop, the Group's underlying strengths will secure our continued longer term success.'
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