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Strategy Update 19 March 2010 John Browett Chief Executive Agenda

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Strategy Update 19 March 2010 John Browett Chief Executive Agenda Strategy update 19 March 2010 John Browett Chief Executive Agenda • Introduction • Focus on the customer • Store transformation update • Improving service support for customers • Winning on the internet • Financials • The Technology revolution • Summary 3 Renewal & Transformation plan 1. Focus on the customer 2. Focus the portfolio on winning positions 3. TfthbiTransform the business 4. Win in the internet market 5. Reduce costs Target of 3-4% return on sales in the medium term 4 A leading European specialist electricals Group Share of Country sales+ UK & I 48% Nordics 24% Italy 8% Greece 5% Spain 2% Czech & Slovakia 1% Turkey 1% e-commerce* 11% OliOnline in 26 Countries +Share of group sales for the current financial year to 9 January 2010 * e-commerce is Pixmania and Dixons.co.uk only. Total internet sales including multichannel internet 5 sales represents approximately 17% of Group sales Nordics • Excellent customer service • Total sales of c.£2.0bn* • Low cost operating model • Rollinggg out Megastores across all four countries • High sales densities • Multichannel opportunity • EBIT margin of 4-5%* • Double digit sales growth • Gaining market share 6 * Based on consensus expectations for year to 1 May 2010 Italy • 97 stores, largely out of town • Good brand recognition • Considerably improved execution • Turnaround plan going well: – Closed 51 underperforming stores – Implementing PC City in UniEuro – Better stock control – Cost reduction – Refurbishment of the estate • New Megastore and refurbished stores ahead of plan 7 Other International • Greece – Clear market leader and profitable – Major opportunity to grow sales by opening Megastores and refurbishing and resiting existing estate • Czech Republic and Slovakia – Strong position in Czech with developing business in Slovakia – Reset cost base – Now opening new stores and refurbishing the estate – Growth as the economies recover 8 Other International • Spain – PC City was profitable prior to recession – Reduced costs to weather the storm – Closed 11 stores, now operating 32 stores – Recovery programme on track • Turkey – Successful launch with joint venture partner – On plan with 11 stores open – Promising opportunity in developing electricals market 9 Agenda • Introduction • Focus on the customer • Store transformation update • Improving service support for customers • Winning on the internet • Financials • The Technology revolution • Summary 10 Deep mine of customer information to inform decisions UK stores appeal to wide …with higher indexation to more customer base… affluent demographic* 250 33m customers 200 150 UK 24m All customer households 100 channels Database (91% UK coverage) 50 0 c.90% of spend Up to £20k £20k -£50k £50k - £75k £75k+ Currys PC World Focus groups Exit interviews Colleague feedback Research Contact and complaint analysis 11 * indexed weighting of income Group’s spend in Currys and PC World relative to general retail spend They’re interested in working out what’s right for me • Five part selling model – Continuous training programme Greet – Engage – Solution – Tailor – Complete – Over 20,000 colleagues through FIVES training – 2, 000 managers through enhanced training programme – Customer satisfaction and exit surveys now part of pay GtGrassroots Mystery Greet Engage Solution Tailor Result Shopping DSGi Score 80% 48% 87% 75% 84% %pts var to +17% (14%) +20% +17% +28% competition 12 Based mystery shopping surveys of DSGi and competitor stores They’re interested in working out what’s right for me • Over 4,000 colleagues trained in last 12 months • 250 suppliers training workshops • Super specialists in key categories • Online training tools and interactive programmes • Incentivisation to develop product knowledge • Customer journey for the customer and colleague 13 Improving satisfaction measures Dec-09 Jun-09 Jan-09 0% 20% 40% 60% 80% 100% ElltExcellent GdGood Average Poor • Improving advocacy to friends and family – 80% of customers “likely” or “very likely” to recommend – 30% increase in customers stating “very likely” to recommend – As focus shifts increasinggyly to in-store exppgerience and colleague quality, opportunity to improve this further 14 It’s easy to shop and an exciting place to be • Easier to navigate – Straight aisles – Uncluttered – Clear signage – Better adjacencies • All key products out for demonstration – Play tables – Products live and powered up – No counters/cabinets • Supplier branded areas – Specialist support from manufacturers • CtContemporary l lkook an dfld feel • Improved POS to help choice to suit need better 15 I can get what I want… BRANDS 4 3 1 2 4 5 SKUS 11 4 1 5 11 15 £850.00 £800. 00 £750.00 £700.00 £650. 00 £600.00 £550.00 £500.00 £450.00 £400.00 £350.00 £300.00 £250.00 CtitCompetitor 1 Ctit2Competitor 2 Ctit3Competitor 3 Ctit4Competitor 4 DSGi 09/10 DSGi 10/11 16 New formats increasing appeal to key customer segments ATV change of new CurrysCurryygsDigital PC World formats vs control Golden Families Quality Seekers Home Movers Tech Fans 17 Change in average transaction value amongst key customer segments in the reformatted stores versus unreformatted stores Customer feedback 18 Agenda • Introduction • Focus on the customer • Store transformation update • Improving service support for customers • Winning on the internet • Financials • The Technology revolution • Summary 19 Improvements in time for Peak • Better ranges – particularly laptops • Better in store service driven by FIVES tiitraining & pro duc tkt know ldledge • Better merchandising bringing product to life • Better availability • Enhanced delivery offering • New TechGuys range • Benefit of brand campaign • Conversion up in line with new format stores • Estimated 3-5% LfL improvement to the base estate 20 Uplifts remain very encouraging • Average gross profit uplifts* in total estate of 20% • Megastores and combined 2-in-1 stores continue to achieve over 50% uplift • Stores representing one third of UK sales reformatted so far • Benefit to UK like for likes of approximately 3% over Peak • Limited experience of second year performance – 1M1 Megas tore, 1 com bine d2d 2-in-1111, 11 Currys StSuperstores and 4 CurrysDigital – Average of 5 months in second year only • Early indications are that second year trading remains strong 21 * Gross profit uplift of new format stores completed over last 12 months for the 24 week period to 6 March 2010 compared to the control group. Focus on Megastores and 2-in-1’s Completed as at Planned for 2010/11 Brand 12 March 10 financial year Megastores 8 25 PCW/Currys 2-in-1 8 60 Currys & PC World Superstores 108 12 CurryygsDigital 15 3 Total* 139 100 Cumulative percent of sales 33% 66% 22 * Store transformation programme impacts 141 stores to date and 150 stores in total over the 2010/11 financial year Dual branded ‘2-in-1’ stores offer significant potential • Provides access to the PC World brand in existing Currys markets • Exploits different customer offering – 18% overlap between Currys and PC World customers • Greater stock efficiency, with one consolidated range to display • Best of both worlds in colleague knowledge and selling skills – Clear branding of different expertise across the store • Tech Guys service centre in store • Opportunity to consolidate two stores in smaller catchments – Pragmatic approach to property – Long term reduction in costs • 15,000ft2 to 35,000ft2 – average rent of £18 - £25 per ft2 23 Megastores operate enhanced model • Currys and 2-in-1 formats • 35,000 – 55,000ft2 – average rent of £22 - £28 per ft2 • c.£100m+ catchment • Range dominance – Many more branded supplier concessions – Premium executions (e.g. hifi studio, coffee area, live kitchen) • Business structure – Top calibre Store Director remunerated in line with store performance 8 – Department Managers with greater scope for product 10 specialists • Stock management key – Fast-paced, frequent replenishment 52 – Stock disciplines • Up to 70 locations identified Completed Megastores Refit current stores Resite – Standalone Currys as well as combined 2-in-1’s – Majority within existing estate 24 Making the portfolio work - examples Newbury Halifax Guildford Thurrock Market size £35m £66m £180m £523m Indexation White Goods: 1.09 White Goods: 1.01 White Goods: 1.08 White Goods: 1.04 (propensity to buy Brown Goods: 1.09 Brown Goods: 1.00 Brown Goods: 1.05 Brown Goods: 1.05 electricals) PC Goods: 1.10 PC Goods: 0.96 PC Goods: 1.12 PC Goods: 1.06 Existing stores Currys of 12,750ft2 Currys 21,000 ft2 Currys 12,000ft2 Currys 29,000 ft2 (selling space) No PCWorld PC World 12,750 ft2 PC World 15,000ft2 side PC World 23,000 ft2 On separate Retail Parks. by side On same retail park Rationale Good demographic Two low turnover stores Large conurbation, good Very large conurbation No PC World present with good potential to exit demographic one location Good opportunity with existing property Plan Create 18,000ft2 combined 21,000ft2 combined 2-in1 Combine into one Currys store resited to 2-in-1 within existing Currys store in existing Currys. 27,500ft2 2-in1 create 70,000ft2 using mezzanine Close PC World and market Superstore Megastore. the lease PC World refitted 25 Summary • Continuing good results from refits • Learnings rolled out resulting in improvements to underlying business • Focus on higher return 2-in-1 stores and Megastores – Bringing PC World to more markets • 60 existing locations available for Megastore format • 100 locations provide opportunity for 2-in-1 stores where PC World does not exist • Pragmatic approach to consolidation
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