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The week ahead: Home Retail Group to report on trading

Argos owner Home Retail Group will this week announce its first increase in profits for six years after overhauling its catalogue shop business’s online strategy.

The group is expected to say profits increased by about 25 per cent to £115million in the year to March 1 following the changes, led by US executive John Walden, who was Argos managing director for two years.

Walden took over as HRG’s chief executive from long-serving boss Terry Duddy in March.

Analysts also expect sister chain Homebase to benefit this year from improving consumer sentiment and a pick-up in the housing market.

Argos accounts for about three-quarters of group sales and Homebase the rest.

The group announced in March that it had also made a provision of about £25million to cover possible compensation payments for mis-sold payment protection insurance.

However, this exceptional item is expected to be applied in the new financial year.

Source : Neil Craven -

27 April 2014
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