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Home Retail reiterates guidance despite weak Christmas sales

Reuters - UK Focus

LONDON, Jan 15 (Reuters) - Britain's Home Retail (Other OTC: HMRLF - news) said it expected to post full-year profit before tax in line with expectations despite underlying growth at its Argos and Homebase chains over the Christmas period missing forecasts.

Home Retail said sales from Argos stores open over a year were up 0.1 percent in the 18 weeks to Jan. 3, as the group took a more cautious approach to trading, protecting its margins and cost base rather than chasing sales via discounts.

Like-for-like sales at Homebase were up 0.6 percent.

Analysts had expected like-for-like growth at Argos of 2 percent and growth of 4.1 percent at Homebase, according to a consensus provided by the company. (Reporting by Kate Holton; Editing by Neil Maidment)