Deathwatch: Profit crash for DSGi - down 78%
Profits at DSGi, parent company of PC World and Currys, have slumped by an alarming 78% in the year leading up to May 2nd. The group made a profit of just £50.5m compared to £225.6m in the previous year.
Chief executive John Browett said: “The difficult economic backdrop across Europe and subsequent impact on consumer spending, particularly on discretionary products, has been well publicised. The group expects these conditions to continue through the coming year in many of its markets.”
But there was better news from DSGi’s reformatted stores where they have reported a gross profit uplift of between 11% and 65% compared to the rest of the chain. The retailer will open 101 reformatted stores in the UK during the year, including four Megastores.
Are you a shopper at one of the Megastores or one of the reformatted shops? Noticed any difference? If you’re a DSGi staff member, maybe you could tell us how staff morale is in the wake of the profit drop.