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| Currys owner sees profit fall 30% | |
| (about 2 hours later) | |
| DSG International, the owner of Currys and PC World, has seen its annual pre-tax profits fall by 30% after a "challenging" year for the firm. | DSG International, the owner of Currys and PC World, has seen its annual pre-tax profits fall by 30% after a "challenging" year for the firm. |
| The retailer, which has issued two profit warnings this year, said it remained "very cautious" about the state of consumer confidence. | The retailer, which has issued two profit warnings this year, said it remained "very cautious" about the state of consumer confidence. |
| DSG made profits of £205.3m in the year to 3 May, with sales up 8% to £8.5bn. | DSG made profits of £205.3m in the year to 3 May, with sales up 8% to £8.5bn. |
| The firm has already announced plans to cut the number of its Currys.digital stores as part of a revival plan. | The firm has already announced plans to cut the number of its Currys.digital stores as part of a revival plan. |
| In May, it announced a five-point plan that it hopes will cut costs by about £50m in 2008/09. | In May, it announced a five-point plan that it hopes will cut costs by about £50m in 2008/09. |
| Beside the closures, the transformation of the DSG group will include store refits at Currys, PC World and Currys.digital, and cost savings at its head office. | |
| Like many other retailers, DSG has found trading tough this year. Consumers have tightened purse strings as they try to cope with higher household bills and mortgage repayments. | Like many other retailers, DSG has found trading tough this year. Consumers have tightened purse strings as they try to cope with higher household bills and mortgage repayments. |
| Shares in DSG fell slightly in early trading, although Hargreaves Lansdown Stockbrokers equity analyst Keith Bowman said the group's mid-May profit warning had removed "all the sting" from the results. | |
| "Investors are breathing a sigh of relief, given no further bad news," he added. |