Commercial Property News

DSG international plc, which runs Dixons, Currys and PC World in the UK as one of Europe's largest specialist electrical retailers,  today reported FY sales up to May 1st up 4% to £8.53 billion from £8.18 billion in 2008-9, and swung from a loss last year back to profit.

On a like for like basis sales were up 2% in the full year , but 6% in H2 as the World Cup pursauded people to buy new TV's.

Total profit before tax after net non-underlying items was £112.7 million (2008/09 loss £123.6 million).

Profit from the UK & Ireland was up 21%, although sales were down 5% at £4.013 billion, and lfl sales were down 3%.

The firm has 654 stores in the UK, having closed a net 26 stores during the year. Property losses increased to £18.8 million (2008/09 £18.1 million loss), primarily due to provisions made relating to closure or refit of stores as part of the Renewal and Transformation plan. Stores which have been refitted under the plan are producing gains in all product categories.

John Browett, Chief Executive, commented:

"Focus on our customers drives everything we do and I am delighted with the excellent progress we have made over the past twelve months as we continue to transform the Group, despite the recessionary environment across Europe.  We have made significant improvements throughout the business, transforming the shopping experience for customers with better choice, value and service both in stores and online.  We are now two years into the Renewal and Transformation plan and are encouraged by the improved profitability and competitiveness it continues to deliver."