DSG International, which owns Currys and PC World, posted losses for the second consecutive yesterday and warned its market wouldn't recover until after next summer. Total losses at the electricals group hit £140.4m before tax for the 12 months to 2 May as it continued to suffer from the slump in consumer spending.
It was also hit by one-off charges of £190m related to its restructuring drive and problems at failing businesses. Yesterday's results did mark an improvement on the previous year when losses had spiralled to £184.1m.
Stripping out these write-offs, DSG's profits slumped 80% from £225.6m to £50.5m, although analysts had feared the figure could sink as low as £30m. 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 throughout the coming year in many of its markets.'