The Home Retail Group has reported a rise in full year sales and profits as Argos enjoys a “good performance.”
The Group’s profits have risen to £112.6 million with sales up three per cent to £5,663 million.
The firm has reported a “good financial performance in the year’” even in the face of the costs incurred through its restructuring of Argos (£27.8 million) and customer redress for miss sold PPI.
The growth has been largely attributed to “increased internet penetration” in which online sales accounted for 44 per cent of Argos’ total, reports B Daily.
John Coombe, chairman of Home Retail Group, said: “The Group has delivered a good financial performance in the year and it has maintained its strong financial position with a year end cash balance of £331 million.”