Partner Article

Dixons see profits fall but outlook remains positive

Dixons Retail have announced a fall in annual profits, but still believe that they are “well-positioned for the year ahead”.

The group, which also owns Currys and PC World, has reported underlying pre-tax profits of £70.8 million in the 2011-12 financial year, down from, £85/3 million in 2010-11.

Like-for-like sales fell by 3% on the year, but were up 5% quarter-on-quarter, which the firm believe will put them in a good position for the coming year.

Debt at the electrical firm has halved to £104 million from a year earlier, and the firm is on target to make a £160 million repayment in November, following the agreement of a of a new credit facility with its banks last month.

Dixons also reported that they were progressing well in the the UK, Ireland and Northern Europe, but this was offset by weak sales in Southern Europe and online arm Pixmania.

Across the UK, sales fell by 4% but underlying profits rose 15% to £78.8 million.

This was posted in Bdaily's Members' News section by Ruth Mitchell .