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Dixons full year profits to be at top end of expectations

Dixons Retail, which today announced that it will merge with Carphone Warehouse, has said its full year profits are likely to be at the top end of market expectations after seeing both total and like-for-like sales rise by 3% on an underlying basis in the year to 30 April 2014.

GENERAL MERCHANDISE

Dixons full year profits to be at top end of expectations

Dixons Retail, which today announced that it will merge with Carphone Warehouse, has said its full year profits are likely to be at the top end of market expectations after seeing both total and like-for-like sales rise by 3% on an underlying basis in the year to 30 April 2014.

In an interim statement issued today, the Currys and PC World owner said it now expects full year underlying pre-tax profits to be between £150 million and £160 million.

Although underlying total sales fell by 4% and like-for-likes by 1% in the fourth quarter, Dixons said it had delivered “robust” trading in the three month period on top of a strong performance in the prior year.

Its UK & Ireland business traded well, delivering a stronger performance than expected. Fourth quarter like-for-like sales fell by 2% following a 13% increase in the same period last year.

Meanwhile like-for-like sales in Northern Europe were flat compared to a rise of 14% in last year’s fourth quarter.

Dixons chief executive Sebastian James said: "This year we set out to achieve strong profit growth in our core business, and to tidy up the Group so that we are focused on those markets where we are winners. I could not be more pleased with the way it has turned out, with real success achieved in both of these areas thanks to some very creative and determined work by an excellent team.

"I am also very encouraged to see that our balance sheet has strengthened, even while we have sorted out some of our European issues. The result is that the group is in robust good health and set fair to take advantage of the fledgling recovery that seems to be taking hold in our main markets."

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