New Argos managing director John Walden has ordered a review of the retailer, appointing OC&C Strategy Consulting to advise it on strategy.

Walden, who joined in February, is undertaking a complete review of the catalogue retailer, including its high street presence and brand positioning, according to Sky News.

Argos owner Home Retail Group, which also operates DIY specialist Homebase, is due to post full-year results on Wednesday. In its last trading update for the 18 weeks to December 31 the group said it had managed its business tightly, expecting pre-tax profit to hit the mid-point of analyst consensus of £78m to £125m. It said it will “significantly cut” full year dividend for its current financial year.

Analysts expect Home Retail Group to reduce its 750-strong store portfolio in order to reverse declining profits in recent years.