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Dixons Retail shares plunge 20% on profit warning | Dixons Retail shares plunge 20% on profit warning |
(about 11 hours later) | |
Shares in Dixons Retail plunged as much as 20% after the electricals retailer said annual profits would be at the bottom of market expectations. | |
The company, which owns Currys and PC World, said profits for the year to the end of April would be about £85m, compared with forecasts of £85m-£109m. | The company, which owns Currys and PC World, said profits for the year to the end of April would be about £85m, compared with forecasts of £85m-£109m. |
It added that like-for-like sales were down 7% in the past 11 weeks. | It added that like-for-like sales were down 7% in the past 11 weeks. |
The group said it would focus on cutting costs further and look at exiting the Spanish market. | The group said it would focus on cutting costs further and look at exiting the Spanish market. |
"Consumer confidence across some of our markets is fragile and we expect it to continue to be so through much of 2011," said Dixons' chief executive John Browett. | "Consumer confidence across some of our markets is fragile and we expect it to continue to be so through much of 2011," said Dixons' chief executive John Browett. |
The group set out a four-step plan to respond to its current difficulties: A review of its Spanish operations, targeting expenditure on its highest return projects, focusing on cash generation and cutting costs. | The group set out a four-step plan to respond to its current difficulties: A review of its Spanish operations, targeting expenditure on its highest return projects, focusing on cash generation and cutting costs. |
However, Mr Browett said the group's longer-term plans to transform the business were working. | However, Mr Browett said the group's longer-term plans to transform the business were working. |
The Italian business was improving and the Nordic parts of the business continued to "perform strongly", he said. | The Italian business was improving and the Nordic parts of the business continued to "perform strongly", he said. |
Despite the fall in sales, Dixons also said it believed its market share was improving. | Despite the fall in sales, Dixons also said it believed its market share was improving. |
Dixons Retail changed its name from DSG International at the end of last year. | Dixons Retail changed its name from DSG International at the end of last year. |
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