60% profit fall at MK employer

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MILTON Keynes-based Home Retail Group, owner of the Argos, Homebase and Habitat brands, saw profit before tax fall by 60 per cent in the year to March 3.

In what chief executive Terry Duddy called a “particularly difficult trading environment” the company, based in Avebury Boulevard, in financial results announced today (Tuesday) also saw sales drop six per cent to £5,492million.

Home Retail Group’s retiring chairman Oliver Stocken said: “While the group’s performance in the short term cannot be immune from the economic environment, we continue to focus on its strategic advantages to ensure that it will be well positioned for the economic recovery over the long term.”

The company says it is cutting costs and investing in its future.