HOME RETAIL GROUP yesterday announced that it has appointed the head of its Argos business to take over from outgoing chief executive Terry Duddy.
John Walden, a former Best Buy executive who joined Argos last April, was a clear favourite to take over the post from Duddy, who will step down in March.
The news came as the group said sales at Argos stores open over a year had risen 3.8 per cent in the 18 weeks to 4 January, thanks to strong demand for video gaming, tablets and TVs over the key Christmas trading period,
Meanwhile sales rose by 4.7 per cent at DIY chain Homebase.
Home Retail is in the early stages of a five-year turnaround plan to turn Argos into a “digital-led” retail chain, targeting a 15 per cent rise in sales to £4.5bn by 2018.
It expects profits for this year to be towards the top end of market expectations of £90m to £109m.
Shares rose 1.54 per cent.