Like for likes down at DSGi
Sales slump 7 per cent, worse than many analysts expected.
Total Group sales were up 4% in sterling, down 2% in local currency, and like for like sales down 7%. Gross margins across the Group were down 0.75% year on year. Five PC World stores have been refitted to the new format and the company is upgrading a further 25 PC World stores in time for Peak. The company has also been concentrating on customer service, with 20,000 colleagues having completed the programme.
John Browett, Chief Executive, commented, ‘We have had a challenging start to the year, although we are trading against tough comparables. The economic backdrop in which the Group operates remains difficult across Europe, and we are managing costs and stock levels accordingly. We remain very cautious about the consumer outlook. This is a period of intense activity for the Group as we action our three year renewal and transformation plan and focus on the customer. We are revamping ranges, retraining staff, and simplifying the business. Although we are only four months in, a lot of changes are already underway which will benefit both our customers and our shareholders.’
