Terry Duddy says only seven stores are not making profit and 90 per cent of sales still come from physical retail.
In its end of year financial statement, the Home Retail Group said Argos would "focus on optimising its store network" by "relocating or closing some older stores and opening some new stores if attractive sites become available."
However, Argos chief Terry Duddy has today said this is not the case.
He told Reuters: "There will not be an en masse store closure programme announced in the near future."
He revealed that only seven of Argos's 750 stores were not currently turning a profit and added: "Nearly 90 percent of sales come through stores at some point.
"We have got 300 or so stores coming up for lease renewal or lease break over the next five years or so. Each of those stores, at the point the lease renewal comes up, will be reviewed."
In its 2011 financial statement Argos reported a 57 per cent slide in operating profit.