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Argos must be 'digitally-led business', says boss

Terry Duddy, Chief Executive of Home Retail Group, outlined the plans for a new-look Argos business:

We have also concluded a comprehensive business review of Argos which highlighted a clear opportunity to transform the business through increased investment in digital technologies.

The transformation plan aims to deliver growth by repositioning Argos as a digitally-led business from a catalogue-led business, leading the market growth of digital commerce through online, mobile and tablet, and offering customers more products with the fastest, most convenient fulfilment options.

This plan provides the right approach for Argos to achieve a long-term sustainable performance and profit recovery.

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Argos admits need for 'digital repositioning' as profits down 37%

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 store closure threat as Argos profits slide

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
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