Dixons upbeat on trading

Dixons Stores Group sales for the 18 weeks to 4 September 2004 were eight per cent up on the same period last year and five per cent up on a like-for-like basis. UK sales were up nine per cent or seven per cent like-for-like. Currys and PC World both performed well.

But gross margin at the the UK's biggest electrical retailer, fell 0.4 per cent because of more business-to-business sales and "lower credit commissions".

International sales were up 13 per cent, but were flat on a like-for-like basis. The firm operates in the Czech Republic, France, Hungary, Ireland, Italy, Spain and the Nordic countries.

John Clare, chief executive, gave the trading update at the firm's annual general meeting. He said the firm is well placed for a "year of progress". Dixons sales performance showed "encouraging signs of recovery from last year's levels, and The Link continues to perform well in a growing market" .The company announced in April it was closing 106 under-performing stores. ®

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