Currys' owner issues profits alert

The owner of Currys and PC World issued its second profits alert in as many months today after worsening trading conditions saw sales tumble 11%.

Dixons Retail said the like-for-like sales plunge across the UK and Ireland came as consumer confidence weakened more than expected following a difficult Christmas.

It warned underlying profits for the year to April 30 were now expected at around £85m (€96m) and outlined an action plan to deal with the dire trading, including potentially pulling out of Spain and further cost cutting across the group.