By Ian Walker
LONDON--Home Retail Group PLC (HOME.LN) said Thursday it has
appointed Echo Lu as managing director for its DIY and home
improvement chain Homebase to lead the firm's "productivity
plan".
Home Retail, which also owns the Argos catalogue chain, said Ms.
Lu will take up her new position on April 20. She joins Homebase
from Tesco PLC (TSCO.LN) where she worked over the past 10 years
across different markets and a broad range of functions.
"She [Ms Lu] is the ideal candidate to lead Homebase and its
productivity plan, as we improve the store operational standards
and customer service, develop stronger customer propositions and
accelerate Homebase's digital capabilities, and realize its
potential for greater growth," Group Chief Executive John Walden
said.
Sales at Homebase, which sells more than 38,000 products in its
stores throughout the U.K., in the year ended Feb. 28 fell 2.3% on
a like-for-like basis to 1.48 billion pounds ($2.22 billion), its
parent reported in a trading update earlier this month. The unit
represents about 30% of group sales.
It closed 30 stores and opened three new stores in the year,
reducing its store portfolio to 296. The closures are part of the
company's productivity plan which followed a review of the business
by Mr. Walden last April. The review, which was instigated
following a downturn in the market since 2012 set out a three-year
plan to the end of fiscal 2018 to improve the productivity of the
store estate, strengthen its propositions and accelerate its
digital capabilities by leveraging Argos' investments.
Home Retail is due to report earnings for the year ended Feb. 28
on April 29.
Shares at 1050 GMT were trading down 0.6 pence, or 0.35%, at 170
pence. They are currently down 24% over the past 12 months.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749