Continue reading the main story<\/a><\/p>\n\t<\/p>\n
\t<\/p>\n
Shares in Dixons Retail have plunged 20% after the electricals retailer said annual profits would be at the bottom of market expectations.<\/p>\n
The company, which owns Currys and PC World, said profits for the year to the end of April would be about \u00a385m, compared with forecasts of \u00a385m-\u00a3109m.<\/p>\n
It added that like-for-like sales were down 7% in the past 11 weeks.<\/p>\n
The group said it would focus on cutting costs further and look at exiting the Spanish market.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
However, Mr Browett said the group’s longer-term plans to transform the business were working.<\/p>\n
The Italian business was improving and the Nordic parts of the business continued to “perform strongly”, he said.<\/p>\n
Despite the fall in sales, Dixons also said it believed its market share was improving.<\/p>\n
Dixons Retail changed its name from DSG International at the end of last year.<\/p>\n<\/p><\/div>\n<\/p>\n
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