Currys firm cautious as profits fall
Currys and PC World owner DSG International warned of an uncertain outlook today as it unveiled a 25% fall in first-half profits.
Chairman John Collins said the group was well prepared for the peak Christmas trading season but added that “it was appropriate to be cautious” about consumer spending trends next year.
Group like-for-like sales were 5% ahead in the 24 weeks to October 13, driven by strong demand for flat-screen televisions, lap-tops, and games consoles.
However, underlying pre-tax profits fell to £52.4m (€73m) after poor trading in Italy and the previously-flagged cost of promotions to clear stock at its PC World computing division.
Mr Collins added: “There is much debate about the uncertain outlook in many of our markets and the economic fundamentals make it difficult to extrapolate trends into the rest of the financial year.”
