DSG to post 80% profit collapse
Sunday 21 June 2009
Further pressure is expected to be heaped on DSG's chief executive, John Browett, this week when the electricals group that runs Currys and PC World posts a near 80 per cent drop in profits to around £42m.
It's now just over a year since Mr Browett unveiled a five-point plan to overhaul the retailer's fortunes. He said it could take as long as four years.
The retailer has posted a number of profits warnings since Mr Browett, the former chief executive of Tesco.com, took over the top job in December 2007. DSG group recently raised more than £311m in a rights issue, but it has been battered by a number of headwinds including the fall in discretionary spending and the withdrawal of credit insurance for suppliers to the firm.
Its shares shed 6p over the week closing on Friday at 23p.
In a miserable week for the high street, Kesa Electronics, which owns Comet, will say profits fell by 46 per cent in the past 12 months. Kesa said last weeek thatit was selling its Swiss business prompting expectations of further disposals in the coming months.
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