'We're outpacing our competitors,' says CEO

Dixons Group releases promising interim results

Dixons Group announced its half year financial results today, with encouraging sales in the UK and Ireland.

For the 24 weeks to October 13th, 2012, the Group’s like for like sales were up three per cent.

Dixons includes PC World and Currys in the UK, as well as PIXmania which is an etailer that operates across 26 countries.

For the first time in five years, the UK and Ireland division of the Group has hit first half profitability, which is a good sign for the overall year results in six months’ time.

Multi-channel sales were up too, by 29 per cent for the Group and 38 per cent in Currys and PC World.

It’s a particularly good result in light of what’s happened to Comet in recent weeks.

In a statement, Sebastian James, Group Chief Executive, commented:

"We have made good early progress on our three strategic priorities of driving a sustainable business in a multi-channel world, building on our leading market positions and have started to make some progress in sharing best practices across the Group. We have significantly reduced net debt, successfully undertaken a £150 million bond issue and delivered good underlying profit growth in the UK and Northern Europe. We have also improved our performance in Southern Europe and having now assumed full day to day control of PIXmania, we are taking actions to improve its poor performance.

"I am particularly encouraged by our performance in the UK & Ireland and in Northern Europe and we were particularly busy during the sporting and cultural events during the summer. While August and September were, as expected, a bit quieter, we remain cautiously optimistic about the outlook. It is increasingly clear in each of our markets that our service-based, multi-channel business model is what customers want. We are outpacing our competitors, and have seen Comet enter administration in the UK and Expert exiting the market in Sweden.

"The exciting pipeline of tablets, smart TVs and other technology means customers can look forward to a fantastic shopping trip with us this Christmas.”

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