Dixons Jumps on Growth in August Electrical Sales: London Mover
Dixons Retail Plc, (DXNS) the largest U.K. electronics retailer, rose the most since May as a British Retail Consortium report pointed to strong sales of electrical goods ahead of a trading update from the company.
There was “renewed growth for electricals in all segments” in August, the BRC said today as it reported growth in U.K. non-food sales that was the strongest since 2010.
Sales of tablets and laptops were boosted last month by back-to-school purchases, while small household appliances were also in demand, the BRC said. Sellers of large electrical items are still benefiting from market-share gains resulting from last year’s collapse of the rival Comet chain, it said.
The non-food figures “look strong with like-for-like growth in all categories with a lower level of commentary around promotional activity,” Richard Edwards, an analyst at Citigroup Inc. in London, wrote in an e-mailed note.
Dixons is due to announce first-quarter sales on Sept. 5, the day of its annual general meeting. Citigroup expects the Hemel Hempstead, England-based retailer to report a “robust” performance in the U.K. and Nordics region and estimates growth of 2 percent in sales at stores open at least a year.
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