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Bid target Home Retail sees sales at Argos improve at year-end

Reuters - UK Focus

LONDON, March 10 (Reuters) - Home Retail (Other OTC: HMRLF - news) , the retailer at the centre of a bidding war, said sales at its Argos stores open over a year fell 1.1 percent in the eight weeks to Feb. 27, an improvement on the year overall, helped by its upgraded home delivery service.

The company said on Thursday that the stronger finish to the year put it on track to report group benchmark profit before tax in line with the current consensus of market expectations of 93 million pounds ($132 million).

British supermarket Sainsbury (Amsterdam: SJ6.AS - news) 's and South African group Steinhoff International both want to buy Home Retail, and have been given until March 18 to formalise bids.

On Feb. 27 Home Retail completed the 340 million pounds disposal of its Homebase home improvement business to Australian group Wesfarmers, leaving it with just the Argos business.

($1 = 0.7048 pounds) (Reporting by Paul Sandle; editing by Sarah Young)