Thierry Falque-Pierrotin, Kesa Electricals' chief executive, is only six months into the job but he's already opened clear water between Kesa and DSG International's share prices. Unfortunately, his company is the one flogging along in DSG's wake.

That's odd, because his penny-pinching approach ought to be in fashion. Not only did the Kesa board cut the final dividend yesterday by more than many analysts expected, the Frenchman also promised further cost-cutting and lower capital expenditure.