Update on India development t

RNS Number : 3962M

Home Retail Group Plc

28 January 2009

 



28 January 2009

Home Retail Group plc

Update on the India development trial

A review of the trial to develop the Argos format in India has now been completed.  A decision to discontinue the trial following the initial two year development period has been taken mutually by Home Retail Group, Shoppers' Stop and HyperCITY. The trial had not met the planned

performance levels to support the investment required in the current Indian economic climate.

The existing retail operations will be wound down, at minimal cost to Home Retail Group.  At some point in the future, the Indian retail market may still present an attractive long term growth opportunity for the Argos multi-channel model.

Enquiries

Analysts and investors (Home Retail Group)

Richard Ashton                 Finance Director                   01908 600 291

Stuart Ford                      Head of Investor Relations

Media (Finsbury)

Rollo Head                                                                 020 7251 3801

Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.

 

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