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 27 % in sales for the year up to the 27 % . Homebase was sold to Australian retailer Wesfarmers and is part of the retailer Retail Group which saw an overall fall in sales in 2015 from £ 5.7 bn to £ 5.6 bn .