Home Retail Group triples profit

Net income for the owner of Argos stores amounts to almost £115 million.
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Home Retail Group has more than tripled its first-half profit from £34.6 million to $114.5 million.

The group attributes the growth to cost cutting measures employed by chains Argos and Home Base and the wet summer.

Both chains combined product buying and sourced more merchandise from outside the UK to save money.

Profit at Argos rose 50 per cent, just shy of £100 million.

Nick Bubb, analyst at Pali International said: “The excellent first half results today are even better than flagged. Cost control has been even tighter than expected.”

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