Sorry I meant Homepage Featured Content. Here are the steps:
Go to Appearance > Customise
Go to Homepage Settings
Go to Homepage Featured Content Options
I set an image for Featured Content #1
Insert the Title and Content.
Repeat this step for Featured Content #2 and #3.
Publish the changes.
Load site and refresh page
The changes do not appear, the default images, title and content remain.
If I then return to the Dashboard, go to Appearance > Theme Options. Open the Homepage Featured Content area. Repeat the process and save. The changes are now visible on the site.
I am running this on a localhost via WAMP server 2.5 set up on a PC. It is happening on multiple computers. I have the latest version of WordPress running and no plugins active.