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