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Home Retail Group annual pre-tax profit declines

Argos and Homebase sales down.

Home Retail Group, the holding company for retailers Argos and Homebase, has reported a pre-tax profit of £104.1m for the 53-week ended 3 March 2012, compared to £265.2m for the 52-week ended 26 February 2011.

Diluted earnings per share were £9.1p (2011: £23p). Net interest income was £3.4m (2011: £3.2m).

Revenue declined to £5.58bn from £5.85bn last year, while operating profit declined to £98.7m from £258m last year.

For the 52-week period ended 25 February 2012, internet retailer Argos reported sales of £3.87bn (2011: £4.19bn), while Homebase reported sales of £1.51bn (2011: £1.55bn).

The group declined to pay out it's final dividend, making the total paid out this year 4.7p per share, compared to 14.7p per share.

Terry Duddy, chief executive of Home Retail Group, said:

In a particularly difficult trading environment, we have managed our costs and cash effectively.  While we remain cautious about the consumer outlook over the short term, we are well positioned operationally and we will continue to prioritise investment in our leading multi-channel capabilities to shape the future of shopping for our customers, ensuring we bring unrivalled convenience and value to customers’ everyday lives, whether shopping at home or on the move.