Store closure sales lift Homebase
Homebase as seen like for like sales growth thanks to store closing down sales but sister chain Argos has seen sales dip.
Like for like sales rose by 5.4% at Homebase as it closed 17 branches in the 13 weeks to 30 May. Total sales dropped by 1.6% to £438m.
Both seasonal and big ticket items saw growth but margins were hit by 175 basis points as it cleared stock.
In contrast Argos enjoyed a 50 basis points rise in gross margins thanks to currency and shipping benefits.
Like for like sales dropped by 3.9% thanks to lower sales of electrical products. Total sales dropped 2.8% to £846m. Online sales rose to 44% of sales, up from 42%, with tablet and smart phone sales up 15% to account for a quarter of all sales.