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PC World and Currys success rewards Dixons Retail with profit growth

Greg Lockley
PC World and Currys success rewards Dixons Retail with profit growth

Dixons Retail has reported strong growth within its latest trading statement, announcing both Q4 and full year profit increases.

Strong performances of both the PC World and Currys brands saw Dixons Retail increase its like for like sales by seven per cent across the full year.

The firm experienced particularly strong growth within the final quarter of 2012, benefitting from the demise of rival High Street competitors. Dixons took advantage of the diminished competition to boost its like for like sales in the UK & Ireland by 11 per cent.

However, trading in Southern Europe continues to struggle, as sales dropped by five per cent. Meanwhile, the firm emphasised the difficulties faced by its European ecommerce business, Pixmania, which has suffered significant job losses and store closures as part of a wider restructuring plan.

"This strong year puts Dixons in the best position it has been in for many years," said Sebastian James, chief executive, Dixons Retail.

"We have worked hard to improve the conversation that we have with our customers and to improve our shops and our prices. This is paying off as customers increasingly choose us when they need electrical products, and - more importantly - tell us that they like what we are doing."

"I believe that we have a clear business model that allows us to flourish in an internet world.  I am very pleased to see us gaining share in nearly all of our multi-channel businesses across Europe and could not be more excited or proud to be part of this team," continued James.

"It has been a busy time with the start of a profound restructuring of parts of the portfolio, major changes in the competitive landscape, significant cost savings achieved and with the continued drive to transform our stores. But there is still lots to do - we are continuing with more customer initiatives across our brands, on-line and in all of our services operations to make Dixons an even better place to shop."

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Tags: Retail, PC World, Financials, profits, currys, q4, high street, dixons retail, pixmania, Sebastian James

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