Argos struggles to £3.4m profit

Catalogue chain Argos scraped a half-year profit of just £3.4 million today after consumers put off buying “big ticket” electronics items.

With sales down 9% on a like-for-like basis in the 26 weeks to August 27, Argos owner Home Retail Group said the chain’s profits slumped from £54.4 million a year earlier as margins were also hammered by discounting.