Underlying growth at Dixons Retail hampered by restructuring and impairment charges

Dixon’s Retail has announced its final results for the year ended 30 April 2013. The total pre-tax loss was £115.3m – down from the 2011/12 loss of £118.8m. However, the loss was primarily due to restructuring and impairment charges of £168.8m.

Total underlying group sales were up four per cent to £8.21bn, while total sales including those from businesses exited/to be exited were £8.44bn.

Underlying diluted earnings per share were 1.5 pence, with a basic loss per share of 4.4 pence.

Group chief executive Sebastian James said:

It has been a good year for Dixons Retail with underlying profits up by 15 per cent, and a great year in the UK and Ireland with profits up by 39 per cent. We have returned to growth for the Group as a whole, and also to a net cash position, marking an important milestone in our transition from survivor to winner....

The year ahead offers many fantastic opportunities for us and we have plans which touch every part of our business to make things better, easier and faster. I believe that many of our stores are now among the very best in the world, but I recognise that we need to make sure that the experience in our stores is completely consistent - from Truro to Tromsø; every day we must find new ways to surprise, delight and improve the lives of our customers. I look forward to another good year, building on the momentum of this year, and one which proves rewarding for our customers, our teams and of course, our shareholders. In the meantime, nothing has given me more pleasure than to celebrate with my colleagues, very briefly, all we have achieved and to thank them for their hard work before launching headlong into the coming year.