Top IT retailer faces major threat

Posted on 27 Nov 2008 at 12:43

The future of Britain's biggest IT and electronics retailer is in doubt, as the economic climate jeopardises the operations of retail group DSG.

The group's chains include PC World, Currys, Dixons.co.uk and PIXmania, which have all been hit by a sharp fall in consumer spending. As a result, Europe's second-largest electrical goods retailer, posted its first interim loss for 25 years - announcing a £30 million loss over the past six months.

"Given the current economic conditions, the outlook is uncertain for peak trading and 2009. The group has set the business conservatively to preserve cash and earnings," it said in a statement.

The group has 1,200 shops and online stores in 28 countries, but saw its share price drop 88 per cent over the course of the year, and also axed its dividend to shareholders.

Author: Dawinderpal Sahota

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