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 squared up to its new rivals in the home retail market today by cutting the price of 3,000 products in its latest catalogue.

Around 1,500 Argos employees were today facing up to a major shake-up in the way the catalogue retailer organises its business.

Catalogue retailer Argos said today it was creating hundreds of temporary jobs in Ireland in the run-up to Christmas.