DSG International, owner of Currys, issued its second profit warning of the year following the impact of reduced profit margins after first quarter price cuts aimed at driving sales upward.
Estimates are now set at £200-210m, £40m down on the previous warning in January and a third down original forecasts of £300-320m.
This latest round of bad news hit the share price by 7.31%.
DSG’s European operations in Italy and Spain, like the UK, continue to suffer from challenging trading environments according to Chief Executive, John Browett and follow a poor Christmas.
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