Home Retail, Britain’s biggest household goods retailer, said it plans to reposition its troubled Argos division from a catalogue-led business to a digitally-led offering, as the group posted another slump in profit.

Over the next five years the company are likely to close at least 75 stores.

With over £100 million being invested into the business over the next three years, the firm has said they are targeting £4.5 billion of sales for Argos by 2018.

The plan involves repositioning Argos for the digital future, making more products available to customers faster. This will involve producing a new digital catalogue rather than the traditional paper copies and allowing customers to order from their smartphone in store.

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