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Dixons Retail 12-week Sales Rise, Sees Pre-tax Profit In Line With Market View

Specialist electrical retail and services firm Dixons Retail Plc. (DXNS.L) Thursday reported a 2 percent growth in total sales for the 12-week period ended January 5, with a like-for-like sales growth of 3 percent. Sales improved 4 percent at local currency.

Looking ahead to the full year, the company expects underlying profit before tax to be in line with market view of 75 million pounds to 85 million pounds.

In UK & Ireland, total sales increased 7 percent both in Sterling and local currency. On a like-for-like basis, sales rose 8 percent from last year. Northern Europe continued its strong performance, with like-for-like sales improving 11 percent for the 12-week period.

In Southern Europe, comprising Italy, Greece, Turkey, like-for-like sales dropped 8 percent from the previous year.

Sebastian James, chief executive of the company stated, "Our key multi-channel businesses delivered an encouragingly strong result during the Christmas period, particularly in the UK & Ireland and in Northern Europe."

Meanwhile, its single-channel business PIXmania had a poor period impacted by ongoing restructuring of the business, in addition to significant negative trends in its main markets. However, Dixons noted that progress continues on the restructuring plan to improve financial position of the business.

Group gross margins were down 0.5 percent, driven mainly by product mix.

In London, Dixons Retail shares are currently trading at 27.36 pence, up 0.90 percent, on a volume of 21.21 million shares.

by RTT Staff Writer

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