British retailers were being hit hard by the consumer slowdown and credit crunch was once again underlined by another retailer DSG, which reported sharp falls in computer and TV sales.

The operator of PC World and Currys, pushed back by online and high street rivals has been forced to cut its investment plans by £30 million.

PC World outlets of DSG Group in Britain and Ireland, selling computers and computer equipment, reported 11% fall in like-for-like sales over 24 weeks. Curry.digital and Currys sales were down by 7%.

The group’s operations in Europe also suffered from declining sales. The better performing Nordic region witnessed 6% fall, while sales in southern Europe, including DSG’s bad performer UniEuro chain, were down by 10%. The group is seeking offers from Spain and Italy for its businesses.

According to DSG chief executive, John Browett, whose services were hired for business turn around; there was significant deterioration in consumer confidence across Europe. Sales of laptops were slow while those of flat-screen TV were negative in terms of value. He reported deterioration in profit margins.

Browett said that he was taking decisive actions including lowering of stocks and slashing of capital expenditure. He announced “renewal and transformation plan” for revival of Group’s fortunes.

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