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By | John Oates 3rd January 2008 09:43

Dixons shares spanked after profit warning

Share price down a fifth

Dixons Store Group International saw its shares fall more than 20 per cent this morning after the company admitted Christmas trading had been poor.

DSG International told the London Stock Exchange today that trading was down one per cent on a like-for-like basis.

Group chairman Sir John Collins said: "Like for like sales were down one per cent reflecting generally weaker consumer environments across many of our markets. Overall trading for this important period, in which over half our annual profits are usually generated, has been disappointing, particularly in the UK, Italy and Spain.

"This weaker trading, together with a more cautious outlook for the balance of the year, means that we now expect full year profits before tax to be some £40m to £50m lower than current expectations."

UK computing sales were disappointing with laptops selling poorly in the run up to Christmas. Games consoles and digital photo frames were among the better selling items.

Online sales through Dixons.co.uk and FotoVista did much better - up 31 per cent.

DSG International is a major computer and electrical retailer and trades as Currys, PC World, PC World Business, and ElectroWorld, among other brands. ®

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