| 19.6°C Dublin

Dixons' shares fall by over 10pc

Investors punished weak sales over Christmas and a poor profit outlook at Dixons by ditching stock in the electronics seller and sending its shares sliding over 10pc yesterday.

Dixons, which operates brands such as PC World and Currys, said like-for-like group sales fell 2pc in the 12 weeks to January 8, but in its UK and Ireland markets like-for-like sales declined 4pc.

Like-for-like online sales were down 8pc and other international sales were 5pc lower. The only bright spot for Dixons was its Nordic division, which posted an 11pc rise in like-for-like sales for the period.

The group said that full-year underlying pre-tax profit was now expected to be around the bottom end of consensus forecasts of between £100m (€119m) to £110m (€131m).

"Peak trading has been solid in a tough market," claimed chief executive John Browett. "The adverse weather conditions reduced footfall in the run up to Christmas Day.

"The consumer environments remain challenging in Greece and Spain, while our business in Italy continues to improve," he added. He said revamped stores were continuing to deliver positive results.

Irish Independent