Dixons reports 3% like-for-like sales dip

Dixons Retail says its like-for-like sales fell three per cent for the 52 weeks ending April 28th, while overall sales remained flat.

The group – which owns PC World, Currys, Dixons and other retail chains worldwide – ‘enjoyed good performances in the UK and Ireland and Northern Europe, trading ahead of their markets’, with like-for-like sales up eight per cent and ten per cent respectively in the final quarter.

Total group sales rose four per cent for the final quarter, while like-for-like sales were up five per cent.

Overall sales in the UK and Ireland dipped two per cent during the entire fiscal year. Like-for-like sales, which attempt to exclude any expansions and acquisitions which could abnormally affect sales, dropped four per cent year-on-year.

Full year group underlying profit before tax is expected to be between 65m and 70m, which Dixons says is towards the top end of its expectations.

Internet sales now represent 18 per cent of total group sales.

Dixons chief executive said: Our overall Group performance across the year has been slightly better than we anticipated. We saw a strong end to the year particularly in the UK and Nordics, and it is good to see the work that we have been doing to improve the ranging and service bearing fruit as more customers are choosing us over our competitors. However, in Southern Europe our businesses have been impacted by the weaker economic environments and issues in the Eurozone.

We have made significant strides in the way we operate over the last four years and we know that we have a clear role, shoulder-to-shoulder with our customers as we help them to navigate the increasingly complex world of technology.

The consumer environment remains uncertain in many of our markets and we continue to plan cautiously and manage costs aggressively. Overall, though, our business is in a strong position for the year ahead and we are looking forward to an exciting summer of sporting activities and celebrations.”

Dixons Retail operates in 26 countries and employs over 38,000 people. It has over 1,2000 stores.

News story image republished with permission from Dixons Retails plcl

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