Dixons hails rebound in profits in Ireland and UK
THE owner of PC World and Currys offered some cheer from the embattled sector today as it posted a 15pc hike in UK & Ireland profits after a rebound in sales.
Dixons Retail Group, which has outperformed struggling rivals such as Comet and Argos in recent months, said underlying operating profits across UK & Ireland rose to £78.8 million in the year to April 28.
It confirmed that the division's sales turnaround in the final quarter - up 8pc amid a full year decline of 4% - had continued into the new financial year.
The robust UK & Ireland performance helped limit the impact of the eurozone crisis on its southern European arm, with wider group underlying pre-tax profits down 17pc to £70.8 million.
But Dixons signalled more store closures that will reduce the current 557-strong estate in the UK to between 400 and 420 outlets, compared with expectations last year for 450 stores.