Show Hide image

Dixons group reports sales slump

Dixons Retail falls into a slump, amidst fears that high street retail is in decline.

Electronics retailer Dixons has reported a sales slump in the first quarter of its financial year.

The group, which owns PC World and Currys, has suffered a ten per cent drop in same-store sales in its 640 UK and Ireland branches, and an overall fall of seven per cent across the group.

Dixons Retail has pointed out that their six per cent drop in profits in the year to April was compared to a particularly strong sales period lat the same time last year, brought about by the World Cup and the release of the Apple iPad.

The company's sales slump has come at a time of concern about the stability of high street trading. High street retailers Habitat and Jane Norman have recently fallen into administration.

However, Dixons Chief Executive John Browett said that the company had come out of August's riots fairly unharmed.

Analysts have called the update that shares in the company were up eight per cent on Wednesday, "reassuring".

Eleanor Margolis is a freelance journalist, whose "Lez Miserable" column appears weekly on the New Statesman website.