DSG admitted its full year performance was ‘disappointing’ after announcing that its underlying profits for the 12 months to the end of April were down five percent to £295 million.
Overseas operations caused the most problems for the group, with the costly closure of the PC City chain in France and an eight per cent drop in like-for-like profits of its Italian business both haemorrhaging profits.
DSG has also been forced to abandon plans to buy Eldorado, Russia’s largest electrical retail chain, reported The Guardian.
Shares in the company, which owns PC World and Currys, dropped by 3p to 167p following the announcement.
“I’m pleased with the performance we have delivered in most of our core businesses,” said chief executive John Clare, who will be replaced in September by John Browett. “Our new e-commerce division has also delivered strong growth. However, our overall group result was disappointing, largely because of a weak performance in Italy."