DSG International, the retail group that owns Currys and PC World, has been hit by falling sales of laptops and white goods. Its poor performance has fuelled concerns that the UK is facing a consumer slowdown.
The retailer has reported a 25% drop in underlying pre-tax profits for the 24 weeks to October 13. It also reported a 1.3% decline in group pre-tax profits to £51.4m on sales up 8% to £3.4bn.
The company adds that the current economic situation made its “difficult” for it to predict its performance for the rest of the year. It reports that the white goods market has experienced a “single digit” decline in the past two months, although demand for flat-panel TVs has continued.
John Browett, a former chief executive of Tesco.com, is due take over as chief executive next week.