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25/06/2003
Dixons looks to expansion in a flat market
Electrical goods retailer Dixons is seeking to buck flat sales with the creation of up to 2,200 new jobs - 1,000 of which will be centred in the UK.
Despite a dip in pre-tax profits of 5% to £278.6 million on a like-for-like comparison, that excludes new store openings, sales were up just 1% on the last year.
The full-year figures from Dixons Group revealed that Britain’s largest electrical goods retails had, as expected, suffered a “disappointing” set of sales figures mainly due to poor sales in the crucial Christmas period.
However, in an upbeat statement Dixons Group Chairman Sir John Collins said: "The financial year 2002/03 has proved to be a challenging one for the Dixons Group. We began the year strongly, delivering good sales and profit growth. Christmas sales in the UK were disappointing. Since then, we have moved quickly to address the relevant performance issues.”
Sir John said that Dixons international businesses had “performed well with good profit growth” and the acquisition of UniEuro in Italy represented an important step in the Group’s European expansion plan.
He said: “We remain confident in our strategy and in the group's future growth prospects albeit with uncertainty over economic growth over the next year or two. Our balance sheet is strong with a low level of borrowing."
However, although overall sales in Ireland grew by 9% to £61 million up from £56 million, fuelled by the opening of a Currys and a PC World superstore in Limerick during the year, on a like-for-like basis sales were 5% lower - a performance Dixons attributed to a slowdown in the Irish economy.
The Dixons Group, which includes Dixons, Currys, PC World and The Link branded stores, has 1,370 stores in the UK, Ireland and several branded stores throughout Europe.
On the issue of the Competition Commission’s inquiry into the sale of extended warranties by Dixons, which had “absorbed a great amount of management time”, Sir John said: “We hope that the Commission's report will dispel many of the myths that surround this market and confirm the value and peace of mind which customers place on our unparalleled customer service support package.”
(SP)
Despite a dip in pre-tax profits of 5% to £278.6 million on a like-for-like comparison, that excludes new store openings, sales were up just 1% on the last year.
The full-year figures from Dixons Group revealed that Britain’s largest electrical goods retails had, as expected, suffered a “disappointing” set of sales figures mainly due to poor sales in the crucial Christmas period.
However, in an upbeat statement Dixons Group Chairman Sir John Collins said: "The financial year 2002/03 has proved to be a challenging one for the Dixons Group. We began the year strongly, delivering good sales and profit growth. Christmas sales in the UK were disappointing. Since then, we have moved quickly to address the relevant performance issues.”
Sir John said that Dixons international businesses had “performed well with good profit growth” and the acquisition of UniEuro in Italy represented an important step in the Group’s European expansion plan.
He said: “We remain confident in our strategy and in the group's future growth prospects albeit with uncertainty over economic growth over the next year or two. Our balance sheet is strong with a low level of borrowing."
However, although overall sales in Ireland grew by 9% to £61 million up from £56 million, fuelled by the opening of a Currys and a PC World superstore in Limerick during the year, on a like-for-like basis sales were 5% lower - a performance Dixons attributed to a slowdown in the Irish economy.
The Dixons Group, which includes Dixons, Currys, PC World and The Link branded stores, has 1,370 stores in the UK, Ireland and several branded stores throughout Europe.
On the issue of the Competition Commission’s inquiry into the sale of extended warranties by Dixons, which had “absorbed a great amount of management time”, Sir John said: “We hope that the Commission's report will dispel many of the myths that surround this market and confirm the value and peace of mind which customers place on our unparalleled customer service support package.”
(SP)
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