Homebase closures push sales down further

The British DIY chain Homebase reported sales of GBP 434 mio from September up to the year end (30 August to 2 January 2016). This figure was four per cent down on the same period in the previous year and was attributed by the company to the ongoing store closure programme. Six store closures net were effected in the period, resulting in a total of a net 31 store closures in the year to date, thereby reducing the portfolio to 265 stores. Closed space reduced sales by 9.0 per cent in this period. Like-for-like sales increased by 5.0 per cent.
In the previous 44 weeks of fiscal 2015/2016 the DIY chain's sales amounted to GBP 1.250 mio, 2.8 per cent less than in the comparable period of the previous year. Like-for-like sales were up by 5.4 per cent, with a drop of 8.2 per cent attributable to store closures.