21st Dec 2011 09:30
PR 121/11
9.30am, 21 December 2011
DIXONS RETAIL PLC
Re-statement of results following divisional changes
Dixons Retail plc, one of Europe's leading specialist electrical retail and services companies, today publishes a restatement of its underlying sales and profit analysis for the 24 weeks ended 15 October 2011 and the 52 weeks ended 30 April 2011. This arises from the amalgamation of Dixons.co.uk into the UK & Ireland division and the Central European operations into the Nordics division.
Underlying sales and profit analysis - Interim results
24 weeks ended 15 October 2011:
| Underlying sales | Underlying profit /(loss) | ||||||||
Note | 24 weeks ended 15 October 2011 £million | 24 weeks ended 16 October 2010 £million | Currency Neutral % change | Like for like % change | 24 weeks ended 15 October 2011 £million | 24 weeks ended 16 October 2010 £million | |||
UK & Ireland | (4) | 1,566.1 | 1,661.9 | (6)% | (8)% | (6.0) | (11.8) | ||
Northern Europe Nordics & Central Europe | (5) | 1,038.8 | 897.6 | +8% | +5% | 38.0 | 41.8 | ||
Southern Europe Italy, Greece, Turkey | (6) | 452.4 | 448.4 | Flat | (5)% | (15.6) | (8.3) | ||
PIXmania | (7) | 234.4 | 264.2 | (16)% | (16)% | (5.3) | 0.3 | ||
Central Costs | - | - | (6.2) | (7.4) | |||||
Total Group Retail | 3,291.7 | 3,272.1 | (2)% | (5)% | 4.9 | 14.6 | |||
Property losses | (10.6) | (5.7) | |||||||
Underlying Group EBIT | (8) | (5.7) | 8.9 | ||||||
Underlying net finance costs | (19.6) | (15.8) | |||||||
Group underlying loss before tax | (25.3) | (6.9) | |||||||
Underlying sales and profit analysis - Full Year results
52 weeks ended 30 April 2011:
|
Note | Underlying sales (1) £million | Currency Neutral (3) % change | Like for Like (4) % change | Underlying profit / (loss) (1) £million |
UK & Ireland | (5) | 3,925.3 | (6)% | (4)% | 68.7 |
Northern Europe Nordics & Central Europe | (6) | 2,375.6 | +7% | +5% | 102.1 |
Southern Europe Italy, Greece, Turkey | (7) | 1,120.0 | (2)% | (6)% | (18.1) |
PIXmania | 733.5 | (1)% | (1)% | 3.5 | |
Central Costs | - | (15.8) | |||
Total Group Retail | 8,154.4 | (1)% | (2)% | 140.4 | |
Property losses | (12.8) | ||||
Underlying Group EBIT | (8) | 127.6 | |||
Underlying net finance costs | (42.3) | ||||
Group underlying loss before tax | 85.3 | ||||
Restatement of quarterly total and like for like sales included in Interim Results announcement on 24 November 2011:
Q1, 12 weeks to 23 July 2011 | Q2, 12 weeks to 15 October 2011 | |||||
Total sales (sterling) | Total sales (local currency) | Like for like sales | Total sales (sterling) | Total sales (local currency) | Like for like sales | |
UK & Ireland | (9)% | (9)% | (11)% | (3)% | (3)% | (6)% |
Northern Europe Nordics & Central Europe | +16% | +5% | +4% | +16% | +11% | +6% |
Southern Europe Italy, Greece, Turkey | +2% | (1)% | (6)% | Flat | +1% | (4)% |
PIXmania | (11)% | (16)% | (16)% | (12)% | (15)% | (15)% |
Total Group | (1)% | (4)% | (7)% | +2% | Flat | (3)% |
For further information
Investor Relations: David Lloyd-Seed |
Group Communications Director, Dixons Retail |
01727 205065 |
Press and Media: Mark Webb |
Head of Media Relations, Dixons Retail |
01727 205019 |
Information on Dixons Retail plc is available at http://www.dixonsretail.com | ||
Notes
(1) Throughout this statement, references are made to 'underlying' performance measures. Underlying results are defined as excluding trading results from closed businesses, amortisation of acquired intangibles, net restructuring and business impairment charges and other one off non-recurring items, profit on sale of investments, fair value remeasurements of financial instruments and, where applicable, discontinued operations. These excluded items are described as 'non-underlying'.
(2) For the periods disclosed in this announcement, closed business comprises the operations of PC City Spain.
(3) Currency neutral change percentage reflects the year on year growth or decline in Underlying Sales, calculated excluding the effect of currency movements.
(4) Like for like sales are calculated based on stores that have been open for a full financial year both at the beginning and end of the financial period and are calculated using constant exchange rates. Customer support agreement sales are excluded from all UK like for like calculations. Operations that are subject to closure have sales excluded as of the announcement date. Stores closed for refurbishment are excluded during the period of closure. All PIXmania pick up store sales are included in like for like sales.
(5) UK & Ireland comprises Currys, CurrysDigital, Dixons Travel, PC World, combined 2-in-1 Currys and PC World, operations in Ireland, Dixons.co.uk, DSGi Business and KNOWHOW. Like for like sales exclude DSGi Business.
(6) Northern Europe comprises the Elkjøp group, Czech Republic (ElectroWorld), Slovakia (ElectroWorld) and Dixons Travel Denmark.
(7) Southern Europe comprises Greece (Kotsovolos), Italy (Unieuro, combined 2-in-1 Unieuro and PC City stores and Dixons Travel Italy), and Turkey (ElectroWorld).
(8) Underlying Earnings Before Interest and Tax (EBIT) equates to underlying operating profit and is defined as underlying earnings from retail operations, after property losses, before deduction of net finance costs and tax.
(9) Certain statements made in this announcement are forward looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.
Related Shares:
DXNS.L