Games hit Argos profits as MD steps down

Argos’ parent company Home Retail Group has reported a drop in full year profits.

The firm has cited the tough retail conditions and a decline in gaming as reasons for the drop.

Sales are down three per cent to 5,852 million and its profits are down 13 per cent to 251m. It was Argos that saw the steepest declines, down 18 per cent, while Homebase saw sales rise 16 per cent.

The results are in-line with Argos’ profit warning last month.

It wasn’t all negative news for the firm. The company has seen its multi-channel sales grow to 1.9bn, accounting for almost half of its total sales. Meanwhile the company now claims it is the second largest UK retailer.

Elsewhere, Argos has announced that its managing director Sara Weller will leave the firm in June because of personal reasons. She has worked at Argos for seven years and chief executive Terry Duddy will take up day-to-day duties.