DSG International, Europe's second-biggest electrical goods retailer which operates here as Currys and PC World, said that total sales at its Irish and UK operations were down 11% to £4.23 billion sterling.
It said that underlying profits at its UK and Irish operations came to £58.7m for the 52 weeks to May 2, down from £156.7m the same time last year.
DSG said that the economic environment in Ireland remains very tough and is affecting its sales and margins.
It said that sales of white goods had been particularly hit by the slowdown in the housing market. However, lap-tops showed good volume growth in the second half of DSG's financial year.
Overall, DSG International said it had racked up annual losses of £140.4m as it warned markets were set to remain tough in the year ahead.
DSG's losses in the year to May 2 were driven by one-off items - mainly turnaround costs and the lower value of European businesses - but were less than the £184.1m seen in the previous period.
Pre-tax profits, without the exceptional items, showed a fall of 77% to £50.5m, reflecting a 9% decline in like-for-like sales during a time of 'significant change' for the company. Overall sales fell by 1% to £8.2 billion.
DSG has successfully completed a fundraising from shareholders and is 'well prepared' for the tough conditions it anticipates in many of its markets for the next year. CEO John Browett added that the company had achieved rapid progress with its store refurbishment programme.
As well as its Irish and UK stores, DSG has shops in the Nordic region, Italy, Greece, Spain, Turkey and Central Europe.
