Monday 11 December 2017

Dixons reports sparkling festive season

Pedestrians walking past a Dixons electrical retail shop. Photo: Reuters
Pedestrians walking past a Dixons electrical retail shop. Photo: Reuters
John Mulligan

John Mulligan

Nearly €120,000 was flowing through the tills of electronics retailer Dixons every minute on St Stephen's Day in the UK and Ireland as it recorded its busiest December 26 ever.

But shares in the retailer, which also owns PC World and Currys, fell nearly 7pc even as the company emerged as one of the winners among mixed Christmas trading in the UK.

Dixons said that like-for-like sales in the UK and Ireland between November 1 and January 4 rose 5pc, while in northern Europe like-for-like sales edged 2pc higher.

It added that in the UK and Ireland, 'Black Friday' weekend, which started on November 28, was "remarkably busy", but followed by a quieter two weeks. Then, from St Stephen's Day, trading "took off like a rocket", it said.

Group chief executive Sebastian James hailed the most recent trading period.

"This has been a lively Christmas with plenty of ups and downs and I am pleased to report that we have turned in a good performance," he said.

Dixons benefited from the closure of rival Comet just before Christmas in 2012.

Meanwhile, Home Retail Group reported that its Argos unit also had a strong Christmas. Like-for-like sales rose 3.8pc at the division in the 18 weeks to January 4, with Argos reporting its best Christmas trading in 10 years.

Irish Independent

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