Argos left the door open for future store closures today after a weak consumer electronics market caused a huge slide in profits at the catalogue chain.

Its owner, Home Retail Group said around 230 Argos store leases would come up for renewal in the next five years, which could be put up for relocation or closure.

In a blow to shareholders, Home Retail scrapped its final dividend as it revealed that the 748-strong chain suffered a 9% drop in like-for-like sales and a near 60% plunge in operating profits to £94.2m in the year to February 25.

Home Retail, which also owns Homebase and has seen its shares plunge more than 50% in the last year, saw pre-tax profits slide more than 60% to £90.2m in the period.