Dixons like-for-like sales up 5%
Dixons Retail, Europe's second largest electrical retailer and owner of Currys and PC World, has reported an encouraging start to its financial year as group like-for-like sales rose 5% in the first quarter.
In the 12 weeks to 21 July, total group sales increased by 2% helped by a strong performance in the UK & Ireland where like-for-like sales were up 7%. Like-for-like sales in Northern Europe increased by 13% as Elkjøp continued to outperform in its markets.
However, the group’s business in southern Europe saw its like-for-like sales fall by 10% in the quarter. Dixons said that its Italian and Greek businesses were taking "appropriate actions in continued difficult economic environments."
Group multi-channel sales were up 39% in the quarter with multi-channel sales rising by 48% in UK & Ireland.
Chief executive Sebastien James said: "While it is still early in our financial year, I am encouraged by the start we have made across the group. We have had a real boost from a busy summer of events in the UK and our Northern European operations continue to go from strength to strength.
"August has proven to be quieter across the retail sector in some of our markets and we continue to be cautious about the outlook. However, we are well placed for the back to school period and look forward to the launch of Windows 8 and the exciting new products that we will have available for customers for the Christmas period."
The group said trading at electrical online retailer PIXmania continued to be "challenging". Last month Dixons acquired full control of the company after buying up the remaining 22% interest to add to the 77% that it already owned.
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