Sales slide at Home Retail

This less than inspiring performance from Home Retail - which operates catalogue retailer, Argos, and DIY group, Homebase - confirmed the tough trading set out in the group's first-half update last month. Indeed, benchmark pre-tax profits, adjusted for such items as exceptionals, amortisation and intangibles, fell 23 per cent year-on-year to £95m. Although management did cut £39m overall from operating and distribution costs.

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