Two of Currys Irish stores in revamp

DSG International – the company which operates the electrical retail chains Currys and PC World – is ramping up its “transformation” project in its British-based stores, but investment will be initially slow in its Irish operations.

The updating of 30 Curry’s outlets in Britain last year showed vast improvements in profit margins.

DSG’s latest set of results – for the year to the start of May – were published yesterday, showing a pre-tax loss of £219.3 million (€256.2m), which was down from a loss of £259.7m the previous year.

Group sales were down by 1% at £8.23 billion. However, sales in its British and Ireland division were down by 11% at £4.23bn. Underlying operating profit for the Britain/Ireland division amounted to £58.7m – compared with one of £156.7m the previous year.

Declan Ronayne – managing director of DSG Ireland – said only two of the Irish-based Currys stores – including its Irish flagship in Galway – will be upgraded before the end of the year, with one in Tallaght being re-branded as a PC World outlet.

The group said: “The market leading position and efficient structure that the group operates in Ireland outperforms its competitors.”

Earlier this month, DSG Ireland reiterated its calls to Government for a 3.5% reduction in the Republic’s VAT rate, bringing it down to 18% and thus nearer the British rate of 15% – in a bid to further stop shoppers from going North to avail of lower prices.

Mr Ronayne warned that without such a move, many retailers situated around the south side of the border run the risk of going out of business.

Yesterday, Mr Ronayne said letters to Government and opposition figures, had heralded no responses.