(RTTNews) - Wednesday, DSG International plc (DSGI.L: News ), an electrical and computing retailer, said that its overall financial performance was in line with its expectation for the 16 weeks ended August 22.

For the 16-week period, total group sales in sterling as well as like-to-like sales declined by 6%. The group witnessed 16% sales growth in its Nordics and 13% increase in e-commerce segment, which was offset by the negative growth in U.K and Ireland Electricals, U.K computing and Southern and Central Europe.

The company noted that gross margins across the Group were up 0.7% year on year. The group's sales growth was impacted by its anniversary of TV re-pricing, lower levels of B2B sales in PC World and roll out of store refurbishments as part of its Renewal and Transformation plan. In the U.K it plans to reformat 60-80 stores, including 5 further Megastores, by year end.

DSG International said that its Italian operations performance was ahead of expectations, as its turnaround plan continued to deliver.
"Given the challenging environment, this is an encouraging start to the year. Our Nordic business is performing strongly, the UK transformation continues on plan with the refurbished stores continuing to outperform and the Italian turnaround is starting to deliver." added DSG International.

DSGI.L is currently up 0.78% at GBP 27.20, on the LSE.

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by RTT Staff Writer

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