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Home Retail in share buy back as earnings fall

ARGOS and Homebase owner Home Retail Group has announced plans for a share buy back of up to £150m as new figures showed its annual profit had dropped by 11 per cent.

Underlying profits fell to £292.9m for the year to 27 February.

Earnings were hit by weak consumer spending and a lower pound, which raised the cost of imported goods.

Despite the profit drop, the company said that results for both Argos and Homebase had “exceeded initial expectations”.