John Browett’s promise to “transform the DNA” of DSG International, the electronics retailer, fell on deaf ears on Thursday, with some analysts reading his much-awaited strategic review as a third profits warning on the current year’s results.

News of increased capital expenditure, coupled with a negative swing in interest charges, prompted some analysts to shave 20 per cent from the 2008/9 forecasts for the electronics retailer, with house broker Citigroup expecting the consensus to come in at £130m-£140m.