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Friday 10th February 2012

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You are here: Home | City and Corporate | Electric shock for DSGi as profits plunge

Electric shock for DSGi as profits plunge

Retailer posts 78 per cent fall in profits.

Underlying profit before tax was £50.5m for the 52 weeks ended 2 May, down from £225.6m a year ago.

Underlying sales fell by 1 per cent to £8.23bn and

by 9 per cent like for like. Total sales in the UK & Ireland division were down 11 per cent to £4,228.6 million (2007/08 £4,745.7 million) and like for like sales were down 11 per cent Underlying operating profit was £58.7 million (2007/08 £156.7 million).This division comprises Currys, Currys.digital and Dixons Travel in the UK and Currys and PC World in Ireland. Total sales were down 9 per cent at £2,657.8 million (2007/08 £2,927.0 million) with like for like sales down 10 per cent. Underlying operating profit was £17.7 million (2007/08 £93.4 million).

John Browett, Chief Executive commented: 'This has been a year of significant change for the Group. We have taken wide ranging actions to re-organise and restructure the business as well as implementing our Renewal and Transformation plan. Following our successful rights issue and placing, which received very strong support from our shareholders, and was well received by our suppliers, we now have the resources and flexibility to deliver on our Renewal and Transformation plan at a faster pace.

Tagged as: currys | pc world | dsgi

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