June 20, 2013 / 6:16 AM / in 5 years

Dixons year profit up 15 pct on strong UK

LONDON, June 20 (Reuters) - Dixons Retail, Europe’s No. 2 electricals retailer, posted a 15 percent rise in underlying year profit, with sales growth in Britain and northern Europe offsetting falls in the austerity-hit south and at its PIXmania internet arm.

The group, home to the Currys and PC World chains in Britain, Elkjop in Nordic countries, UniEuro in Italy and Kotsovolos in Greece, said on Thursday it made an underlying pretax profit of 94.5 million pounds ($148 million) in the year to April 30.

That compares to company guidance of about 93 million pounds and 82.1 million pounds made in the 2011-12 year.

Underlying sales increased 4 percent to 8.21 billion pounds, though gross margin fell 0.7 percentage points, reflecting a higher proportion of sales with lower margins, as well as price cuts.

Dixons booked restructuring and impairment charges of 168.8 million pounds, relating mainly to PIXmania and the main non-store UK B2B operations following the disposal of Equanet.

Taking these into account the firm made a pretax loss of 115.3 million pounds versus a loss of 118.8 million pounds last time.

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