By KBBDaily on 2nd May 2016 - 15:00pm Home Retail Group has released its results for the 52 weeks to 27th February 2016, stating that sales for Homebase – which has since been sold to Australian retailer Wesfarmers for £340m – were down 3.1%. Homebase generated £1.43bn in sales last year, down from the £1.48bn recorded in the 52 weeks to 28th February 2015. The group as a whole saw sales drop slightly from £5.7bn in 2015 to £5.6bn. “The past year has been a landmark period for the group, during which we have completed the sale of Homebase and recommended to shareholders the offer from J Sainsbury plc for the acquisition of the remaining group, principally Argos,” said Home Retail Group chief executive John Walden. "The group ended the year with a cash balance of £623m, which is significantly stronger than previously anticipated," added Walden.
UK retailer Homebase revealed a drop of 3.1% in sales for the year up to the 27 February. The company said that it had sold more than 850,000 homes during the first three months of this year, compared with 790,000 at the same time last year.