Homebase predicts profitable 2024

Homebase says it will return to the back this year after it suffered a £110m turnaround in profits.

The chain reported an £84m loss in the year to January 2023, from a profit of £30m the year before as sales dropped from £788m to £701m.

It says it had been a ‘challenging year for Homebase and retail. Customers were cautious in their spending, our costs increased significantly, including more than £40m across freight and £10m on energy bills, all while consumer confidence was at an all-time low.

‘Whilst the trading and operational conditions have, and remain challenging, Homebase is well set up and prepared for when the market conditions improve. Over the past five years, significant investment has been made to enhance stores [and] build a strong digital operation.’

The chain – which owner Hilco is reported to be considering selling – says that losses had been cut by 70% since January 2023 and market share had risen in more than half of its product categories. 

‘We’re looking forward to delivering a profitable 2024 as we enter our peak trading season.’

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