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Currys owner Dixons reports loss after Pixmania charge Currys owner Dixons reports loss after Pixmania charge
(35 minutes later)
Dixons Retail, the owner of Currys and PC World, has reported a half-year loss after taking a big hit on the value of its online gadget subsidiary Pixmania.Dixons Retail, the owner of Currys and PC World, has reported a half-year loss after taking a big hit on the value of its online gadget subsidiary Pixmania.
Pre-tax losses for the 24 weeks to 13 October were £79.5m, compared with a £2.4m profit for the same period last year. Pre-tax losses for the 24 weeks to 13 October were £79.5m, compared with a £2.4m profit a year earlier.
The company said the loss was largely due to a £45.2m write down in the "goodwill value of Pixmania". The company said the loss was largely due to a £45.2m writedown in the value of Pixmania.
But group like-for-like sales rose 3% to £3.29bn. However, Dixons said it was set to benefit from the demise of rival electronics retailer Comet.
In addition, its business in UK and Ireland returned to profitability for the first time in five years, the company said. Comet went into administration in early November. On Tuesday, administrators Deloitte announced plans to close a further 125 stores from next month if a buyer could not be found, which would leave just 70 Comet stores from the original total 236.
Dixons said the "fire sale" of Comet's assets and stock could cause "some disruption", but that Currys and PC World would eventually "benefit from the consolidation".
Debts cut
Group chief executive Sebastian James said the company had made "good early progress", despite Pixmania's "poor performance".Group chief executive Sebastian James said the company had made "good early progress", despite Pixmania's "poor performance".
Total group sales rose 4% to £3.29bn. In addition, its business in UK and Ireland returned to profitability for the first time in five years, the company said.
Group net debt had fallen to £9.9m, down from £143.2m a year earlier.
The group said it was continuing with its multichannel strategy, enabling customers to research and order goods online via PCs, tablets and smartphones.
While 92% of sales were still completed in-store, 80% "involve the internet in some form", the company said.