Terry Duddy, Chief Executive of Home Retail Group, outlined the plans for a new-look Argos business:
Argos and Homebase are both owned by the Home Retail Group.
Its website says the company:
- Employs 50,000 people
- Operates 1,089 Argos and Homebase stores in the UK and Ireland
- Sells a range of 71,000 products
- Makes 193 million customer transactions every year
Retailer Argos admits it needs to 'reposition for a digital future' after posting disappointing results:
- Benchmark profit before tax down 37 percent to £18 million
- Earnings per share down 44 percent to 1.4p
Its management plans to invest around £100 million per year in the business over the next three financial years.
Argos has suffered a slide in profits, threatening some stores with closure. Home Retail Group, which owns the chain, says 230 store leases are due for renewal in the next five years. They could be put up for relocation or shut down.
- Home Retail has scrapped its final dividend
- Suffered a 9% drop in like-for-like sales
- 60% plunge in operating profits £94.2 million