Home Retail News
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U.K. stocks were little changed, recovering from the lowest level in almost two months, as shares of mining companies advanced and U.S. retail sales topped economists’ forecasts.
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European stocks were little changed as better-than-estimated U.S. retail sales data offset investor speculation that this year’s rally has overshot the outlook for company earnings.
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Home Retail Group Plc said it expects consumer spending to remain “subdued” this year after sales slowed at the Argos catalog chain and higher promotions at Homebase led it to cut profitability outlook for the unit.
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Home Retail Group Plc said it’s less cautious about the outlook for sales this year as an expanded multi-channel offering and wider product range attract more shoppers to U.K. store chains Argos and Homebase.
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U.K. stocks rose, following a record streak of monthly gains for the FTSE 100 Index, amid optimism central banks will continue to stimulate the global economy.
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U.K. stocks advanced, with the FTSE 100 Index extending its highest level in more than five years, as shares of retailers rallied and as U.S. jobless claims unexpectedly fell last week.
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Home Retail Group Plc, the owner of U.K. chains Argos and Homebase, rose to the highest price in 17 months after saying that accelerating sales growth at Argos over the holidays means full-year earnings will beat estimates.
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Terry Duddy has described the U.K. retail market as “challenging” in every results statement since he led the separation of Home Retail Group Plc from former parent GUS Plc in 2006.
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Home Retail Group Plc , the U.K. retailer that cut its profit forecast last month, rose the most in almost three months in London trading after U.S. investment firm Madison Dearborn Capital Partners increased its stake.
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Home Retail Group Plc rose the most in 20 months after sales beat expectations at Homebase home- improvement stores and the Argos catalog chain in the last two months of the fiscal year.
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