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Dixons like-for-like sales 2% lower

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by Kay Mitchell

Electrical goods retailer Dixons has today reported like-for-like sales fell 2% in the year to April.

The results come just a day after fellow electrical goods chain Comet said sales fell 6.8% for the 12 month period.

The figures are evidence of consumers reining in their spending and opting not to purchase big-ticket items at this time, in the face of austerity measures and concerns about unemployment.

Meanwhile, Dixons was hit with a £309.4 million impairment charge, which relates to the closure of its Spanish stores and writing down the value of its online business, Pixmania.

The group is currently in the midst of rebranding its stores, which will see larger shops bring the PC World and Currys brands together – the group said this “Renewal and Transformation” plan is on track.

Shares in Dixons have lost more than 40% of their value over the last 12 months and closed at 13.35p yesterday.

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News posted: June 23, 2011

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