Argos chief to step down

Argos's owner, Home Retail Group, posted a 13 per cent fall in annual profits yesterday and revealed that the head of its embattled catalogue chain was stepping down.

The group, which also owns Homebase, said Argos's managing director, Sara Weller, will stand down in June for personal reasons.

The group confirmed that underlying profits slumped to £254m in the year to 26 February after falling sales at its two retail brands.