Home Retail Group said this morning it will reposition its Argos division from a catalogue-led business to one that is digitally led, as it posted a 37 per cent slump in pre-tax profit.
The group said around 75 Argos stores will close or be relocated over the next five years as part of the strategy, which will see Argos move towards a stronger online offering.
The retailer added that it will invest £100m a year in Argos, and is targeting £4.5bn of sales from the brand by 2018.
Home Retail this morning posted a slump in first-half profit to £18m, and a one per cent drop in sales to £2.5bn.
City A.M. Reporter