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Home Retail Group announces full-year losses

Decline of DIY marketHome Retail Group, which owns Homebase, has announced a pre-tax loss of £394.2 million, citing a drop in DIY sales.The firm which owns DIY retailer Homebase has announced large full-year losses due to lower spending on home improvement.

Home Retail Group, which owns the struggling firm and Argos among others, has announced a pre-tax loss of £394.2 million.

The firm claims total consumer spending in the home and DIY market "declined" during the 2008 calendar year.

It managed to retain its ten per cent share in the home and general merchandise market, despite its "greater relative exposure to some of the weaker markets such as furniture, homewares and DIY".

Homes Retail has announced it is planning to open 14 new Homebase stores in the next year.

Terry Duddy, chief executive of the Home Retail Group, said: "We will continue to develop our broad product range, benefit further from our advantaged sourcing operations and invest in our multi-channel operations in order to strengthen our position as the UK's leading home and general merchandise retailer."

Homebase recently joined the Nectar programme, becoming the first DIY retailer to commit to the loyalty points programme.
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Article Added: 29/04/2009 15:38:15
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