Dixons Retail posted a fall in profits today as the PC World and Currys owner joined rival Comet in counting the cost of gruelling trading conditions.
Underlying profits fell to £85.3m from £90.9m (€95.8m to €102.2m) in the year to April, although Dixons said it was encouraged by flat operating profits in the UK and Ireland, where it also gained market share from rivals.
However, the group still slumped to a heavy bottom-line loss of £224.1m after making large accounting write-offs on the value of businesses in Spain and Greece and European e-commerce venture PIXmania.
Dixons, which has 1,269 stores across Europe, said its 642 outlets in the UK and Ireland saw sales fall by 5% to £3.8bn, with demand for white goods and iPads propping up the performance.
Trading in the last quarter was much weaker and on a like-for-like basis second half sales fell by 7%, with sales of televisions particularly weak.
The group said it expected to reduce its portfolio in the UK and Ireland to 450 stores, comprising 70 high street stores, 310 superstores and 70 megastores.
“The portfolio will be managed to this size as existing leases expire and stores in each catchment are refitted,” it added.