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DSG will close 40 stores in its Italian operation over the next two years. The group has already posted two profit warnings this year and analysts at Dresdner Kleinwort expect pre-tax profit excluding exceptional items to fall to 30 per cent to £206m (£295m) for the year to April 2008, with EPS of 7.7p (10.9p).
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It is too soon to say if DSG's actions can restore it back to health. The share price has strengthened to 65p, but we believe it still merits a sell, given the dire outlook.
Last IC view: Sell, 58.5p, 10 Apr 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
