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Wednesday, 11 September, 2002, 07:00 GMT 08:00 UK
Dixons reports sales boost
Dixons storefront
Consumers continue spending at Dixons group
The UK's biggest electronics retailer Dixons has unveiled stronger sales figures, crediting strong sales of television sets and DVDs.

Dixons said on Wednesday that underlying sales for the 19 weeks to 8 September were up 6% up compared with the same period last year, outstripping analysts' forecasts of a 4% increase.

Dixons chairman Sir Stanley Kalms, who retires on Wednesday, said the improved sales performance reflected strong demand for DVDs, and games consoles, while sales of mobile phones and personal computers showed "encouraging signs of recovery".

Sales of televisions also grew strongly as consumers rushed to upgrade their sets ahead of the World Cup football tournament in June.

"While it is too early to extrapolate these trends for the balance of the year, we look forward to a year of continued progress," Sir Stanley said, speaking ahead of Dixons shareholders' annual general meeting.

Shoppers still busy

News of Dixons stronger sales figures will help reinforce hopes that the boom in UK consumer spending, credited with staving off recession during last year's global economic downturn, still has some way to run.

Earlier this week, a survey from the British Retail Consortium showed that High Street sales increased at their fastest pace for nearly five months during August.

But some economists believe that deteriorating economic prospects could curb consumer spending in the months ahead.

Dixons, which also owns computer retailer PC World, electrical appliance chain Currys, and The Link mobile phone shop, was hit earlier this year by slowing mobile handset sales.

The company reported a 7% rise in pre-tax profits to 297.2m ($462.7m) for the year to late April.

In the City, Dixons shares were down 2.5 pence at 178.5p in early trade on Wednesday.

See also:

09 Jan 02 | Business
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