DSG International, the owner of Currys and PC World, has seen a 7% decline in sales over the first quarter of its financial year. The retailer says it is planning to revamp stores but is not expecting a recovery before 2010.
It says that sales of computer equipment in the UK fell by 12% over the period and sales of electrical goods are down by 7%. There was better news from its online arm, including Dixons.co.uk and PIXmania.co.uk, with like-for-like sales growing by 6%.
John Browett, DSG chief executive, says that he is “very cautious” about the outlook in the tough retail climate. He says: “The economic backdrop in which the group operates remains difficult across Europe, and we are managing costs and stock levels accordingly.”
He adds that he is keen to push on with the group’s three-year plan, which includes refurbishing stores with a focus on customer services. It is planning to convert 25 PC World stores to a new look and 10 Currys stores before the Christmas period.
The group has also announced that it is looking for a new chairman after Sir John Collins announced he is stepping down next year after six years in the role.