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Home Retail shares lifted as Argos and Homebase sales please

Last updated: 07:09 13 Mar 2014 GMT, First published: 08:09 13 Mar 2014 GMT

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Strong sales at Argos and Homebase have prompted parent Home Retail (LON:HOME) to says it will post better-than-expected profits this year.

The news gave the company's shares a shot in the arm in early deals - rising 2.39%.

The group now expects benchmark profit before tax to be slightly ahead of the top end of the current range of market expectations of £107mln to £111mln for the year to March 1, it said, outlining trading for then last eight weeks of the year.

Terry Duddy, chief executive, told investors: "We have made good progress with the investment plans in both businesses during the current financial year and we have a clear agenda for growth."

He added that although there were signs the economic conditions were improving, the firm continues to plan for a subdued consumer environment.

"It has been a very exciting time leading the group over the last 15 years. 

"Digital technology, together with changes in consumer behaviour, have fundamentally changed the face of retailing in recent times, and both Argos and Homebase have well defined plans and strong management teams in place to be leaders in both digital trends and changes in the way people shop."

Total sales at Argos grew by 5.2% to £526mln in the eight weeks, with electrical goods continuning to be a favourite.

Total sales at Homebase grew by 6.9% to £203mln in the period, the company said.

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