Argos is set to step up its store closure programme as it completes its strategic review.

Managing director John Walden is expected to reveal that the catalogue retailer is to step up its closure programme from 50 stores over the next five years to up to 100 in the same period, the Financial Times reported.

The retailer currently has 750 stores but is struggling to retain custom at the shops as customers move online.

Argos has been advised by OC&C Strategy Consultants in its bid to reshape the business. Argos is set to put more of its focus on its online offer and improve delivery options including the number of stores which offer same-day delivery.

Home Retail is expected to report that pre-tax profits have halved in the first six months of this year from £29.4m to £14m, affected by weak sales at Argos and the effect of poor weather on its Homebase home and garden chain.

Home Retail declined to comment on the review which has not yet been finalised.