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Dixons interim profit down

DSG International , owner of Dixons , Currys and PC World , has announced its interim results. These don't cover the all-important Christmas trading period, but profit is down on the same period in 2005/2006.

The figures cover the 28 weeks ended 11 November 2006. They reveal sales increases of 5 per cent across the business, but profit is down from £105.2m in 2005/06 to £78.9m.

The company reports "substantial progress in e-commerce" which now represents 8 per cent of group sales. However, at least part of this is down to the group's new 'reserve online and collect at store' facility, and could be considered to be brick and mortar sales.

DSG attributed some difficulties to its Italian operation, without which underlying operating profits would have increased by 30 per cent.

The company still expects to grow, with store openings contributing to the creation of 1,600 new jobs across Europe in 2007.