23rd Oct 2008 07:01
PR 89/08
7.01am, Thursday, 23 October 2008
DSG INTERNATIONAL PLC
RESTATEMENT OF PRIOR YEAR COMPARATIVES FOR NEW DIVISIONAL STRUCTURE
UNDERLYING SALES AND PROFIT ANALYSIS
DSG international plc, one of Europe's leading specialist electrical retailers, is today providing a restatement of its interim sales and profit analysis for the 24 weeks to 13 October 2007 and 53 weeks to 3 May 2008 to reflect the new divisional structure.
|
Sales |
Underlying profit /(loss) (1) |
||||||||||
|
Note |
24 weeks ended 13 October 2007 £million |
Total (3) % change |
Like for like(2) % change |
53 weeks ended 3 May 2008 £million |
Total (3) % change |
Like for like(2) % change |
24 weeks ended 13 October 2007 £million |
53 weeks ended 3 May 2008 £million |
|||
|
UK & Ireland Electricals |
4 |
1,191.5 |
5% |
6% |
2,927.0 |
4% |
3% |
14.1 |
93.5 |
||
|
UK Computing |
5 |
772.0 |
2% |
2% |
1,818.7 |
(1)% |
(5)% |
14.7 |
63.2 |
||
|
UK & Ireland |
1,963.5 |
4% |
5% |
4,745.7 |
2% |
- |
28.8 |
156.7 |
|||
|
Nordics |
6 |
619.0 |
8% |
4% |
1,618.7 |
5% |
2% |
33.8 |
83.4 |
||
|
Southern Europe |
7 |
503.7 |
3% |
(4)% |
1,325.7 |
1% |
8% |
(11.7) |
(14.8) |
||
|
Central Europe |
8 |
66.8 |
16% |
n/a |
203.5 |
14% |
n/a |
(5.7) |
(6.8) |
||
|
Other International |
570.5 |
4% |
(4)% |
1,529.2 |
3% |
7% |
(17.4) |
(21.6) |
|||
|
e-commerce |
9 |
224.6 |
n/a |
26% |
652.3 |
n/a |
27% |
0.9 |
7.5 |
||
|
Central Costs |
- |
- |
- |
- |
- |
- |
(10.2) |
(24.4) |
|||
|
Total Group Retail |
3,377.6 |
8% |
5% |
8,545.9 |
8% |
1% |
35.9 |
201.6 |
|||
|
Underlying net finance income |
9.7 |
11.0 |
|||||||||
|
Property profits / (losses) |
6.8 |
(7.3) |
|||||||||
|
Group underlying profit before tax |
52.4 |
205.3 |
|||||||||
Notes
1) Underlying results are defined as being before amortisation of acquired intangibles, net restructuring and business impairment charges, other one-off items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations.
2) Like for like sales are calculated based on stores that have been open for a full financial year both at the commencement and end of the financial period. Customer support agreement sales are excluded from all UK like for like calculations to remove the distorting effect of the introduction of customer support agreements. Operations that are subject to closure have sales excluded as of the announcement date.
3) The change in total sales for the Group is in Sterling and excludes discontinued operations. All other figures are in local currency.
4) UK & Ireland Electricals comprises Currys, Currys.digital and Dixons Tax Free as well as the operations in Ireland.
5) UK Computing comprises PC World, DSGi Business and The TechGuys. Like for like sales are for PC World only.
6) Nordic comprises the Elkjøp Group, which now includes PC City Sweden.
7) Southern Europe comprises Greece (Kotsovolos and Electro World), Italy (UniEuro and PC City Italy), Spain (PC City Spain), Turkey (Electro World) and PC City France which was discontinued in 2007.
8) Central Europe comprises Electro World operations in Hungary, the Czech Republic and Poland. These are excluded from like for like comparisons as the number of stores trading is insufficient for a meaningful like for like comparison to be made.
9) e-commerce division comprises Dixons.co.uk and PIXmania.
Segmental analysis - Revenue and operating profit
|
24 weeks ended 13 October 2007 |
|||||||
|
UK & Ireland £million |
Nordics £million |
Other International £million |
e-commerce £million |
Eliminations £million |
Total £million |
||
|
External revenue |
1,963.5 |
619.0 |
570.5 |
224.6 |
- |
3,377.6 |
|
|
Intersegmental revenue |
9.4 |
0.6 |
0.6 |
0.3 |
(10.9) |
- |
|
|
Total |
1,972.9 |
619.6 |
571.1 |
224.9 |
(10.9) |
3,377.6 |
|
|
Underlying operating profit before associates |
28.8 |
32.4 |
(17.4) |
0.9 |
- |
44.7 |
|
|
Share of post tax result of associates |
- |
1.4 |
- |
- |
- |
1.4 |
|
|
Underlying operating profit / (loss) |
28.8 |
33.8 |
(17.4) |
0.9 |
- |
46.1 |
|
|
Amortisation of acquired intangibles |
(0.3) |
(0.2) |
(0.2) |
(1.1) |
- |
(1.8) |
|
|
Operating profit / (loss) before central costs |
28.5 |
33.6 |
(17.6) |
(0.2) |
- |
44.3 |
|
|
Central costs |
(3.4) |
||||||
|
Operating loss |
40.9 |
||||||
|
Net finance income |
10.5 |
||||||
|
Profit before tax for the period |
51.4 |
||||||
Underlying operating profit is stated after recognising net property profits of £6.8 million in Central costs.
|
53 weeks ended 3 May 2008 |
|||||||
|
UK & Ireland £million |
Nordics £million |
Other International £million |
e-commerce £million |
Eliminations £million |
Total £million |
||
|
External revenue |
4,745.7 |
1,618.7 |
1,529.2 |
652.3 |
- |
8,545.9 |
|
|
Intersegmental revenue |
34.7 |
1.4 |
3.5 |
1.9 |
(41.5) |
- |
|
|
Total |
4,780.4 |
1,620.1 |
1,532.7 |
654.2 |
(41.5) |
8,545.9 |
|
|
Underlying operating profit before associates |
156.7 |
77.2 |
(21.6) |
7.5 |
- |
219.8 |
|
|
Share of post tax result of associates |
- |
6.2 |
- |
- |
- |
6.2 |
|
|
Underlying operating profit / (loss) |
156.7 |
83.4 |
(21.6) |
7.5 |
- |
226.0 |
|
|
Amortisation of acquired intangibles |
(0.6) |
(0.5) |
(0.5) |
(2.8) |
- |
(4.4) |
|
|
Net restructuring charges |
(11.3) |
(0.6) |
1.6 |
- |
- |
(10.3) |
|
|
Business impairment charges |
- assets |
- |
(16.1) |
(282.1) |
- |
- |
(298.2) |
|
- other |
- |
(3.8) |
(66.5) |
- |
- |
(70.3) |
|
|
Net restructuring and impairment charges |
(11.3) |
(20.5) |
(347.0) |
- |
- |
(378.8) |
|
|
Operating profit / (loss) before central costs |
144.8 |
62.4 |
(369.1) |
4.7 |
- |
(157.2) |
|
|
Central costs |
(42.1) |
||||||
|
Operating loss |
(199.3) |
||||||
|
Net finance income |
6.5 |
||||||
|
Loss before tax for the period |
(192.8) |
||||||
Underlying operating profit is stated after recognising net property losses of £7.3 million in Central costs.
- Ends -
For further information
David Lloyd-Seed, Group Director of Communications, DSGi 01727 205065
Mark Webb, Head of Media Relations, DSGi 01727 205019
Information on DSG international plc is available at http://www.dsgiplc.com
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