Home Retail Group, a UK-based home and general merchandise retailer, has reported increase in its sales during the final eight-week trading period for the financial year ended 1 March 2014.
Sales at its Argos division grew by 5.2% to £526m, while sales at Homebase grew by 6.9% to £203m.
The increase in sales at Argos division was driven by electrical products such as video games, TVs, small domestic appliances and white goods.
Internet sales at Argos accounted for 44% of total sales, up from 42% for the same period in 2013, while mobile commerce sales grew by 89%, which accounted for 18% of total Argos sales.
Amidst positive results, the Home Retail Group’s CEO Terry Duddy is stepping down from his position.
Duddy said the positive sales performance in the last few weeks of their financial year concludes a good year for both Argos and Homebase, with both businesses having delivered like-for-like sales growth throughout the year.
"As a result of this recent trading performance, we now expect Group benchmark profit before tax to be slightly ahead of the top end of the current range of market expectations of £107m to £111m. The cash outflow for the year will also be slightly better than previous guidance, resulting in a closing net cash position of around £330m," Duddy added.