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Argos-owner Home Retail profit slumps 28 pct

Reuters - UK Focus

LONDON, April 27 (Reuters) - Argos-owner Home Retail (Other OTC: HMRLF - news) , which last month agreed to be taken over by British supermarket Sainsbury (Amsterdam: SJ6.AS - news) 's, reported a 28 percent fall in annual profit on Wednesday.

The firm said it made an underlying pretax profit of 94.7 million pounds ($138 mln) for the year to Feb. 27, above analysts' average forecast of 93 million pounds but down from the 132.1 million pounds made in 2014-15.

Group sales fell 1 percent to 5.67 billion pounds. They were flat at Argos and down 3 percent at home improvement retailer Homebase. ($1 = 0.6870 pounds) (Reporting by James Davey; Editing by Susan Fenton)