Home Retail Group has seen its profits slashed by a quarter, as the recession hits its Argos and Homebase brands.
Profits at the group fell to 328m for the year to February 28th. However, the group recorded a loss of 402m due to write downs of 694m and what it described as 'onerous' lease charges.
Total group sales fell to 5.9bn, with like for like sales at Argos falling by 4.8 per cent. Gross profit margins at the retailer were also heavily hit, down 100 points.