DAVID JEARY | INVESTEC
The renewal and transformation plan has clearly been transformational for Dixons, although the parlous state of the electricals market has not allowed this to shine through strongly. We retain some concerns on the short-term trading outlook and the relative dearth of must-have products at present.
PHILIP DORGAN | PANMURE GORDON
Given the depths of poor sentiment towards struggling UK retailers, we think that the decent performance in the UK business, which actually did fairly well, and cashflow performance may not yet be enough to prompt a re-rating, but this statement is helpful as a first staging post.
KEITH BOWMAN | HARGREAVES LANSDOWN
Dixons remains in a difficult place. Market share is being won, with the rate of decline in same store sales improving, and debt continues to be reduced. On the downside, management outlook comments remain understandably cautious and exposure to Southern Europe continues to be endured.