Home Retail chief Terry Duddy steps down on a high

 

Terry Duddy, chief executive of Home Retail Group, has signed off his last set of results to the City with an impressive jump in sales across both Argos and Homebase as he suggested the economic recovery was starting to be felt in his stores.

The boss, who steps down after 15 years at the helm, added that it was the first time sales have risen across both businesses all year since 2006.

Sales for the eight weeks to March 1 jumped 5.2 per cent at Argos to £526 million, thanks to strong sales in electricals, with shoppers keen to snap up the latest PS4 and Xbox One consoles.

Full-year like-for-like sales jumped 3.3 per cent and shares soared 4.5 per cent to 215.9p as he said profits will beat expectations.

Duddy, himself the proud owner of a PS4, said 50 per cent of sales are now electricals and suggested video games have now replaced the market which DVDs sat in 10 years earlier.

New format stores have been rolled out in some stores, but Duddy said he had not seen a sales boost from the new stores.

He said: “It’s not about sales increases, it’s about creating a better customer experience and the cost to refurbish the stores with the new concepts is the same as refurbishing before.”

Online sales continue to grow fastest, particularly through smartphones and tablets, with nearly one-in-five purchases made through one of the devices.

Over at Homebase, sales rose 6.9 per cent to £203 million during the eight week period, with a 2.4 per cent rise over the entire year.

Duddy said: “Some retailers suggest it takes six months to feel the effects of a boost in the housing market. We don’t necessarily share that view, but we have seen a significant boost in kitchen sales. This is more likely as customers feel more secure in their jobs now than previously, rather than they are buying new houses.”

He added that the good weather over the summer played a big part in the impressive numbers, and he said the recent warm winter weather is also helping.

Duddy refused to speculate on what the future holds for him, but said he has no immediate plans to retire.

News
people
News
i100
Arts and Entertainment
Jeremy Clarkson has rejected criticisms of his language, according to BBC director of television Danny Cohen
tv
Arts and Entertainment
Judi Dench appeared at the Hay Festival to perform excerpts from Shakespearean plays
tvJudi Dench and Hugh Bonneville join Benedict Cumberbatch in BBC Shakespeare adaptations
PROMOTED VIDEO
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
News
Dawkins: 'There’s a very interesting reason why a prince could not turn into a frog – it's statistically too improbable'
newsThat's Richard Dawkins on babies with Down Syndrome
Sport
Club legend Paul Scholes is scared United could disappear into 'the wilderness'
football
Life and Style
food + drink
News
video
Sport
Malky Mackay salutes the Cardiff fans after the 3-1 defeat at Liverpool on Sunday
footballFormer Cardiff boss accused of sending homophobic, racist and messages
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Service Delivery Manager - ITIL / ServiceNow / Derivatives

£60000 - £75000 per annum: Harrington Starr: A leading Financial Services orga...

Senior Quantitative Developer

£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...

Technical Consultant Configuration, SQL, SQL Server

£55000 - £65000 per annum + BONUS + BENEFITS: Harrington Starr: Technical Cons...

Lead Business Analyst - Banking - London - £585

£525 - £585 per day: Orgtel: Lead Business Analyst - Investment Banking - Lond...

Day In a Page

Middle East crisis: We know all too much about the cruelty of Isis – but all too little about who they are

We know all too much about the cruelty of Isis – but all too little about who they are

Now Obama has seen the next US reporter to be threatened with beheading, will he blink, asks Robert Fisk
Neanderthals lived alongside humans for centuries, latest study shows

Final resting place of our Neanderthal neighbours revealed

Bones dated to 40,000 years ago show species may have died out in Belgium species co-existed
Scottish independence: The new Scots who hold fate of the UK in their hands

The new Scots who hold fate of the UK in their hands

Scotland’s immigrants are as passionate about the future of their adopted nation as anyone else
Britain's ugliest buildings: Which monstrosities should be nominated for the Dead Prize?

Blight club: Britain's ugliest buildings

Following the architect Cameron Sinclair's introduction of the Dead Prize, an award for ugly buildings, John Rentoul reflects on some of the biggest blots on the UK landscape
eBay's enduring appeal: Online auction site is still the UK's most popular e-commerce retailer

eBay's enduring appeal

The online auction site is still the UK's most popular e-commerce site
Culture Minister Ed Vaizey: ‘lack of ethnic minority and black faces on TV is weird’

'Lack of ethnic minority and black faces on TV is weird'

Culture Minister Ed Vaizey calls for immediate action to address the problem
Artist Olafur Eliasson's latest large-scale works are inspired by the paintings of JMW Turner

Magic circles: Artist Olafur Eliasson

Eliasson's works will go alongside a new exhibition of JMW Turner at Tate Britain. He tells Jay Merrick why the paintings of his hero are ripe for reinvention
Josephine Dickinson: 'A cochlear implant helped me to discover a new world of sound'

Josephine Dickinson: 'How I discovered a new world of sound'

After going deaf as a child, musician and poet Josephine Dickinson made do with a hearing aid for five decades. Then she had a cochlear implant - and everything changed
Greggs Google fail: Was the bakery's response to its logo mishap a stroke of marketing genius?

Greggs gives lesson in crisis management

After a mishap with their logo, high street staple Greggs went viral this week. But, as Simon Usborne discovers, their social media response was anything but half baked
Matthew McConaughey has been singing the praises of bumbags (shame he doesn't know how to wear one)

Matthew McConaughey sings the praises of bumbags

Shame he doesn't know how to wear one. Harriet Walker explains the dos and don'ts of fanny packs
7 best quadcopters and drones

Flying fun: 7 best quadcopters and drones

From state of the art devices with stabilised cameras to mini gadgets that can soar around the home, we take some flying objects for a spin
Joey Barton: ‘I’ve been guilty of getting a bit irate’

Joey Barton: ‘I’ve been guilty of getting a bit irate’

The midfielder returned to the Premier League after two years last weekend. The controversial character had much to discuss after his first game back
Andy Murray: I quit while I’m ahead too often

Andy Murray: I quit while I’m ahead too often

British No 1 knows his consistency as well as his fitness needs working on as he prepares for the US Open after a ‘very, very up and down’ year
Ferguson: In the heartlands of America, a descent into madness

A descent into madness in America's heartlands

David Usborne arrived in Ferguson, Missouri to be greeted by a scene more redolent of Gaza and Afghanistan
BBC’s filming of raid at Sir Cliff’s home ‘may be result of corruption’

BBC faces corruption allegation over its Sir Cliff police raid coverage

Reporter’s relationship with police under scrutiny as DG is summoned by MPs to explain extensive live broadcast of swoop on singer’s home