Profits blow for Argos owner

Argos owner Home Retail Group today said annual profits dropped 13% as it revealed the boss of its embattled catalogue chain was stepping down.

Argos owner Home Retail Group today said annual profits dropped 13% as it revealed the boss of its embattled catalogue chain was stepping down.

The group, which also owns Homebase, said Argos managing director Sara Weller will stand down in June for personal reasons.

Home Retail chief executive Terry Duddy will head up Argos until a permanent replacement can be found.

The news came as the group – which had previously slashed annual forecasts - confirmed underlying pre-tax profits slumped to £254.1m (€288m) in the year to February 26 after falling sales at its two retail brands.

But Home Retail has pledged to continue investment in readiness for the consumer spending recovery, by developing its online offering, opening new stores and pressing ahead with Argos refurbishments.

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