27/06/2002

Dixons profit boost despite share fall

UK electronic retailer Dixons has reported a rise in profits, despite a fall in mobile phone and PC sales.

As the owner of PC World, electrical appliance chain Currys and The Link mobile phone shop, the company saw pre-tax profits rise 7% to £297.2m in the year to the end of April.

Many within the company had feared that profits might be hit by rising interest rates and a slowdown in consumer spending. Industry observers had speculated that the share value of the company could suffer correspondingly.

However, while shares have fallen 20% in the past three months, strong demand for home appliances at Curry's helped the company's profits, as did PC World's growing market share. The PC store also managed to grow market share, even at a time when the market fell by 21%.

The strong performance by Curry's and PC World helped offset falling mobile phone sales which fell 33% on the previous year.

(MB)


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