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Dixons reduces pre-tax loss

New store formats and European progress help improve results

CITY & CORPORATE

Dixons reduces pre-tax loss

New store formats and European progress help improve results

In its interim results statement for the 24 weeks to 16 October 2010, the Group says that results are in line with expectations.Total and underlying Group sales were flat at £3.35 billion (2009/10 £3.33 billion) and Group like for like sales up 1%.

There was good progress in UK & Ireland, up £5.3 million, and in the Nordics, up £5.9 million with  continued improvements in Italy. The company is also growing its market share in Greece despite a challenging environment.

Underlying pre-tax loss significantly was reduced to £7.9 million (2009/10 loss of £17.6 million).

Total loss before tax after deducting non-underlying charges of £3.5 million was £11.4 million (2009/10 loss of £23.1 million).

Dixons has transformed 250 stores in the UK, including 25 Megastores and 51 stores transformed in the Nordics, with 19 Megastores now open.

John Browett, Chief Executive, commented,"Our complete focus on our customers and on consistently delivering Value, Choice and Service continues.  We remain cautious on the economic outlook across many of our markets, as consumer confidence remains low.  However, we have maintained our momentum in transforming the Group and are performing ahead of the market.  We have a proven store format that is delivering consistent gross profit uplifts across all our markets.  We remain excited by the technology pipeline and the superb ranges and deals we will offer customers this Christmas."

 

 

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