Financial bosses at PC World and Currys digital parent DSG International remained cautious today in the face of a challenging consumer market, as the electrical retail giant released a trading update for the 16 weeks to 23 August.
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As the group targets more cost savings of £25m by the end of the year, chief executive John Browett said the economic outlook remained difficult, but vowed to continue with the group's three year renewal and transformation plan.
"We are revamping ranges, retraining staff and simplifying the business. Although we are only four months in [to a three year plan] a lot of changes are already underway which will benefit both customers and shareholders," he said.
DSGI said that in the UK, 25 PC World stores were due a re-fit in time for the Christmas rush, and new format Currys and Currys.digital outlets were also on schedule. Additionally, 20,000 British staff are currently being put through a customer service training scheme.
Across DSGI's European operations, like-for-like sales were down 7%, while group margins slipped 0.75%. Only its e-commerce operations posted growth.
DSGI's shares dropped on Wednesday following the announcement.