Europe's second largest electical goods retailer Dixons has released a trading statement for the fourth quarter and full year to 30 April (release). The firm said that full year underlying profit before tax is expected to be at the top end of market expectations of £75m to £85m with like for like sales up seven per cent in the full year.
Dixons reported that strong cash generation has enabled the company to achieve a year-end net cash position for the first time in a number of years. However trading at PIXmania was said to be "very challenging" leading to the firm taking a number of interventions including a significant restructuring and exiting almost half of the countries in which it operates.
Chief executive Sebastian James:
This strong year puts Dixons in the best position it has been in for many years. We have worked hard to improve the conversation that we have with our customers and to improve our shops and our prices.
We remain steadfastly focused on sorting out our businesses in more challenged markets and in particular Pixmania. Above all we are enjoying the feeling of a little wind in our sails and we want to make sure that, in spite of continued economic uncertainty, this carries on into next year and beyond.