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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

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CONTACT

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Home Retail Grp Plc (HOME)

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Thursday 10 March, 2011

Home Retail Grp Plc

End of Year Trading Statement

RNS Number : 6605C
Home Retail Group Plc
10 March 2011
 



10 March 2011

 

 

Home Retail Group plc

End of Year Trading Statement

 

Home Retail Group, the UK's leading home and general merchandise retailer, today announces details of the final eight-week trading period for the financial year ended 26 February 2011.

 

Terry Duddy, Chief Executive of Home Retail Group, commented:

 

"There are clear signs of further pressures on consumer spending, with recent trading conditions, particularly at Argos, proving to be more difficult and volatile than we anticipated.  As a result, Group benchmark PBT for the year just ended is now expected to be between £250m and £255m.  Against the backdrop of the challenging economic environment, and taking in to account our most recent trading, we are now planning with increased caution for the year ahead.  The Group has a strong financial position and we continue to focus on driving forward our operational performances while investing further across the businesses."

 



Latest period

(8 weeks to
 26 February)


H2

(26 weeks to
26 February)

Full year

(52 weeks to
 26 February)

Argos






Sales


£520m


£2,381m

£4,194m

Like-for-like change in sales


(4.6%)


(4.8%)

(5.6%)

Net space contribution to sales change


1.5%


1.7%

2.1%

Total sales change


(3.1%)


(3.1%)

(3.5%)

Gross margin movement


Down c.150bps


Down c.50bps

Down c.100bps







Homebase






Sales


£208m


£695m

£1,551m

Like-for-like change in sales


3.8%


0.2%

(0.3%)

Net space contribution to sales change


(2.0%)


(1.7%)

(1.1%)

Total sales change


1.8%


(1.5%)

(1.4%)

Gross margin movement


Up c.300bps


Up c.150bps

c.0bps

 

Argos

Total sales at Argos declined by 3.1% to £520m.  Net new space contributed 1.5%; over the full year there have been a net six openings, increasing the portfolio to 751 stores; in addition, six stores have been relocated during the year.

 

Like-for-like sales declined by 4.6% in the period.  The video gaming market has continued to be weak and the audio market was also challenging.  Laptops and tablets saw a strong performance and the white goods and toys categories remained in growth.  The internet grew to represent 36% of Argos sales, up from 33% a year earlier; this was driven by the continued popularity of online reservations for store collection.

 

The approximate 150 basis point gross margin reduction was driven principally by an increased level of clearance activity.

 

Homebase

Total sales at Homebase increased by 1.8% to £208m.  Net closed space reduced sales by 2.0%; over the full year there have been eight closures, reducing the portfolio to 341 stores.

 

Like-for-like sales increased by 3.8% in the period.  There was further growth in 'big ticket' sales driven by bathrooms and bedroom furniture.  Sales for the remaining categories were broadly flat.

 

The approximate 300 basis point gross margin improvement was driven principally by stock management benefits and a reduced level of promotional activity, partially offset by a sales mix impact.

 

Year-end net cash position

The cash outflow for the year just ended is expected to be approximately £5m before the £150m share buy-back programme.  The Group's net cash position at 26 February 2011 is therefore estimated to be down approximately £155m at £260m versus £414m a year earlier.

 

The share buy-back programme announced on 28 April 2010 has been completed; 64,000,000 shares have been purchased at an average price of 233p and a net cash cost of £150m.  The purchased shares represent 7.3% of the 877,445,001 issued ordinary shares at the 27 February 2010 balance sheet date.

 

Planning outlook

Taking in to account our most recent trading, we are now planning on a more cautious basis than previously anticipated for the 2011/12 financial year.  At this very early stage of the new financial year, we believe that like-for-like sales performances could be a low-to-mid single digit percentage decline at Argos and broadly flat at Homebase.  Our view on the potential gross margin movements is for a marginal reduction at Argos and a marginal improvement at Homebase.  Increased operating cost inflation, together with ongoing investment in long-term growth initiatives, is also likely to lead to absolute costs being moderately higher year-on-year in both businesses.

 

 

Enquiries

 

Analysts and investors (Home Retail Group)

Richard Ashton                          Finance Director                         01908 600 291

Tony Newbould                         Head of Investor Relations

 

Media (Finsbury)

Rollo Head                                                                                 020 7251 3801

 

 

There will be a conference call for analysts and investors to discuss this statement at 8.30am this morning.  The call can be listened to live on the Home Retail Group website www.homeretailgroup.com.  An indexed replay will also be available on the website later in the day.

 

Home Retail Group will announce its full-year results on Wednesday 20 April 2011.

 

 

Information in this announcement is based upon unaudited management accounts.  In addition, certain statements made are forward looking statements.  Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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