Sales and profits up at Irish arm of DSG
Sales and profits increased at the Irish arm of electrical retailer DSG during the six months to the beginning of May after the subsidiary took "early actions" to manage costs in what the company described as a "particularly tough" economic climate.
DSG, which owns brands such as Currys and PC World, operates about 30 outlets in Ireland. The pan-European retailer, the region's second biggest, has been revamping and enlarging stores to entice consumers.
For the full year to the beginning of May, the DSG Group's underlying sales rose 4pc to £8.5bn (€10.3bn), while underlying pre-tax profit jumped 61pc to £90.5m (€109.7m).
Chief executive John Browett said yesterday the group would be renamed Dixons Retail. The company has ditched the Dixons name on the high street in recent years, rebranding Dixons outlets under the Currys name.
Shares in DSG closed down nearly 1.3pc in London yesterday at just over 27p (33c), with the stock having lost a quarter of its value over the past six months. It had tripled during 2009.