Dixons Retail reports losses

<p>Dixons Retail has lost money due to its troubled online outlet Pixmania.</p>

Dixons Retail has revealed it made a loss in its most recent financial data.

Even though like-for-like sales increased by four per cent, the firm announced that it recorded an annual pre-tax loss of £115.3 million.

Speaking to BBC News, chief executive Sebastian James described trading conditions as "tough" and said the company does not anticipate this to improve in the near future.

Dixons blamed its losses on asset writedowns and restructuring charges, which mainly related to its struggling online outlet Pixmania.

"We've spent this year cleaning up the business and focusing it on what it does really well," Mr James told the news provider.

He suggested the firm will now look at its options and decide what to do with Pixmania later in the year.

Following the announcement the company has made an annual loss, the share price of Dixons is down by 0.4 per cent today.

Its stocks were selling for 42.16 at 16:28 BST, down 0.17 points on the start of the day.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.