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Like-for-like quarterly sales fall, though promise shown in new format stores

DSGi sales take 10% drop

Following a tough year for retail across the board, like-for-like sales at Currys and PC World parent DSGi were down ten per cent for the three months ending January 10th.

Total group sales for the period were only down one per cent, since they take into account the new store openings.

The firm says its ‘Renewal and Transformation’ plan is wielding noticeably positive results, with the new format stores producing sales between 15 and 20 per cent higher than other sites.

Meanwhile, DSGI’s e-commerce business fared much better, with a six per cent like-for-like growth measured.

Additionally, a further £20 million was apparently saved during the period, in accordance with the cost cutting drive.

"The sales pattern through the period was as we anticipated with customers waiting for the post Christmas sales to purchase discretionary products, particularly televisions and laptops,” said John Browett, chief executive at DSGi. “Our Renewal and Transformation plans continue to progress well. Early results from the new store formats, which have now traded through Peak, have continued to exceed our expectations and give us confidence that our plans are delivering for our customers.

“We expect 2009 to be challenging across most of our markets and are actively planning and managing the business for negative like for likes.”

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