DSGi today confirmed pessimistic financial forecasts, posting a sizable 30 per cent decline in annual profits. In a year described as ‘challenging’ by chief executive John Browett, the group recorded underlying pre-tax profits for the period ending May 3rd of £205.3 million – compared to the £295.1 million posted in 2007.
The news will have compounded investor fears, which last week resulted in a dramatic plunge in share prices.
In a year that has seen two profit warnings for the firm, the credit crunch, and the looming threat of US retail giant Best Buy’s European invasion, Browett has been consistently verbal about his plans to turn the company around. He said in the report:
“The Group is operating in a challenging environment. We have lots of opportunities to improve performance and build on the Group’s many inherent strengths as a leading specialist electrical retailer. We are working very hard on executing our five-point plan that will renew and transform the business over the next three years. We are revamping ranges, retraining staff, trialling new store formats, selling new services, cutting costs and simplifying the business form top to bottom.”
Advertisement
Related Stories
- HP Folio 13-1000 ultrabook a DSG exclusive Feb 8th 2012 at 6:06AM
- Dixons UK and Ireland sales drop 9% Sep 7th 2011 at 1:01PM
- Samsung Galaxy Tab 10.1 goes on sale next week Jul 26th 2011 at 8:38AM
- Currys claims Mystery Shopper crown Apr 5th 2011 at 12:12PM
- Currys offers 5% off iPad Feb 15th 2011 at 12:57PM
- Dixons Retail: We?re on course for growth Dec 8th 2010 at 11:01AM
- Dixons reports almost ?8m loss Nov 25th 2010 at 10:43AM
- Comet takes the lead in Mystery Shopper Oct 13th 2010 at 12:50PM
- Currys launches ?999 3D TV deal Oct 8th 2010 at 7:47AM
