Terry Duddy, chief executive of Home Retail, Argos’s parent company, had his bonus slashed last year.

Because the group, which also owns DIY retailer Homebase, did not meet its profit target’s Duddy’s cash bonus fell to £301,000 compared to £615,000 the previous year.

The retailer did however meet cash generation targets which was why Duddy still received a bonus, a Home Retail spokesman told the Daily Telegraph.

Home Retail’s profits fell from £293m to £265.2m in the year to February 26. In its annual report, published yesterday and including details of Duddy’s pay, the retailer said: “Despite challenges in our markets, we’ve maintained our market share and multichannel leadership position.”