Dixons Retail pre-tax losses rise to £25.3m

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published

Losses less than analysts feared, and cost-reduction programme remains on track

Curry Digital

Dixons Retail has posted a pre-tax loss of £25.3m in the first half of its financial year to October 15th 2011, reports ERTonline.

This is a substanial increase on the £6.9m loss it recorded a year earlier, but is better than analysts predicted and net debt has been cut from £215.1m to £143.2m.

The company, which owns Currys Digital stores, also says it's on track to achieve £60m of cost reductions this year as part of a three-year, £150m cost-cutting programme.

In addition, Dixons says it has increased its market share and halved a downturn in like-for-like sales in the UK and Ireland from 10% to 5%. Customer satisfaction levels are also said to be rising.

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Andy Clough
Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching whathifi.com in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.