Home Retail Group expects higher profits

Home Retail Group expects higher profitsHome Retail Group, the owner of Argos and Homebase,  has said that it now expects higher profits after it recorded strong performance during the previous few weeks of its financial year.

Terry Duddy, the outgoing head of the company, will leave the company in a confident platform as it is expecting higher profits for the financial year. This is the second time that the retailer is increasing its profit forecasts. The chief executive said that profits for the year to 1 March, 2014 are expected to be ahead of market expectations of up to £111 million. ome Retail said Argos's like-for-like sales increased by 5.2 per cent during the previous eight weeks.

Home Retail Group, which also owns the Homebase DIY chain, was established in 1998 when Argos was acquired by GUS. The company had also upgraded forecasts in January after the group recorded its best Christmas performance for more than 10 years. The retailer is aiming to become the leading digital-led retailer in the UK. The company also cancelled plans to close or relocate at least 75 stores over five years.

Argos managing director John Walden will replace Mr Duddy, who announced his intention to step down in September.