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Dixons profits slip

Dixons, owner of Currys and PC World, posted a 6% fall in annual underlying profit of £85.3 million in the year to 30 April. Group revenue fell from £8.53 billion to £8.34 billion.

CITY & CORPORATE

Dixons profits slip

The group also reported impairment charges of £309 million which related to its decision to close its operations in Spain. In the UK and Ireland, group sales declined by 3% to £3.8 billion although there was a slight rise in pre-tax profit from £71.1 million to £71.3 million.

The group, which issued a profit warning back in March, said the economic backdrop "remained challenging" particularly in the first half which last year benefited from the World Cup and launch of the iPad.

John Browett, chief executive of Dixons Retail, said, "Maintaining sales, margin and profits is a good performance in such challenging conditions. We are consistently outperforming our markets and gaining share because our Renewal and Transformation Plan continues to deliver a better and more compelling experience for customers."

He continued: "The store refit programme is progressing well and our relentless focus on customers' needs is reinforced through our services brand KNOWHOW which gives us a differentiated offer. Self-help has put our business on firm foundations and in a strong position for when we emerge from the current weak consumer environment."

Dixons also reported that finance director Nicholas Cadbury has resigned from the board and would be replaced by Humphrey Singer.  Cadbury has taken up a similar role at Premier Farrell.

News of the fall in profit follows yesterday’s announcement that annual sales at Comet had declined by 6.8% to £1.537 billion.
 

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