Dixons Retail profits soar ahead of Carphone merger
LONDON, June 26
LONDON, June 26 (Reuters) - Dixons Retail, Europe's No. 2 electricals retailer, beat forecasts with an 76 percent rise in annual profit as it prepares to merge with Carphone Warehouse.
Last month Dixons agreed an all-share merger with Carphone, Europe's largest independent mobile phones retailer, with the two firms seeking to capitalise on an increasing convergence of smartphones and consumer electronics in people's lives.
Dixons, home to the Currys and PC World chains in Britain, Elkjop in Nordic countries and Kotsovolos in Greece, said on Thursday it made an underlying profit before tax of 166.2 million pounds ($282 million) in the year to April 30.
That compares to company guidance of about 160 million pounds and 94.5 million pounds made in the 2012-13 year.
Dixons said the new financial year had started well, with an uplift in TV sales driven by the World Cup and early glimmers of a consumer recovery. ($1 = 0.5889 British Pounds) (Reporting by James Davey; editing by Kate Holton)