Dixons Retail Inc records £8m losses

25 Nov 2010

Technology retailer Dixons has released its interim financial results, in which the company has reported losses of almost £8m.

Dixons Retail Inc reported slow growth in the results and predicted that the coming Christmas season would be both competitive and tough.

The group, which owns PC World and Currys, reported a pre-tax loss of £7.9m in the 24 weeks to 16 October – half of the company’s losses during the same period last year.

Poor performance

Despite like-for-like sales in the UK and Ireland rising by 2pc in the first half of its financial year, this figure is pale in comparison to the 6pc improvement in the first quarter.

This could be attributed to unit sales of the Apple iPad – having secured exclusive rights to sell the device in the UK for a 60-day period when the iPad launched in April – or from shifting 3D TV sets during the 2010 World Cup this year.

The group insists it “outperformed” a tough market and cut its losses down from £16m to £10.7m in the UK and Irish markets.