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| Dixons enjoys sales boost after collapse of rival companies | Dixons enjoys sales boost after collapse of rival companies |
| (about 4 hours later) | |
| Dixons has seen a significant boost in sales thanks to the collapse of its high street rivals Comet, Jessops and HMV. | |
| The retailer, owner of Currys and PC World, said half its 13% growth in like-for-like sales for the three months to the end of March came directly from former Comet customers. | The retailer, owner of Currys and PC World, said half its 13% growth in like-for-like sales for the three months to the end of March came directly from former Comet customers. |
| The chief executive, Sebastian James, said: "We saw the exit of a number of competitors and that has definitely been a contributor to us, especially in the last quarter. | The chief executive, Sebastian James, said: "We saw the exit of a number of competitors and that has definitely been a contributor to us, especially in the last quarter. |
| "We had a goal of gaining our fair share of Comet business and I think we've done that." | "We had a goal of gaining our fair share of Comet business and I think we've done that." |
| But the struggling European online operation Pixmania helped bring overall sales growth lower – to 7.7%. Pixmania, based in France, suffered a 36% fall in sales and James said he was looking to sell the business. The company indicated it would explore closing it down if it could not be sold. | But the struggling European online operation Pixmania helped bring overall sales growth lower – to 7.7%. Pixmania, based in France, suffered a 36% fall in sales and James said he was looking to sell the business. The company indicated it would explore closing it down if it could not be sold. |
| The independent retail analyst Nick Bubb estimated Pixmania's 2012-13 losses at over £40m. | The independent retail analyst Nick Bubb estimated Pixmania's 2012-13 losses at over £40m. |
| In the UK business tablet sales increased 350% and the company said it expected further strong growth as only a third of households currently have one. | In the UK business tablet sales increased 350% and the company said it expected further strong growth as only a third of households currently have one. |
| Oven sales have also increased significantly and James said the home baking craze sparked by Mary Berry and BBC2's Great British Bake Off was helping, with enough sold in the last quarter to bake 2m cupcakes. | Oven sales have also increased significantly and James said the home baking craze sparked by Mary Berry and BBC2's Great British Bake Off was helping, with enough sold in the last quarter to bake 2m cupcakes. |
| He added that the company would be in a net cash position for the first time in more than five years after having net debt of £108m last year. | He added that the company would be in a net cash position for the first time in more than five years after having net debt of £108m last year. |
| He said: "We will end the year with a net cash position and that puts us in a really strong position to talk to our suppliers and stockholders and talk about growth. | He said: "We will end the year with a net cash position and that puts us in a really strong position to talk to our suppliers and stockholders and talk about growth. |
| "I think shareholders have had a pretty good ride and I'm glad to be able to see it." | "I think shareholders have had a pretty good ride and I'm glad to be able to see it." |
| The shares hit a three-and-a-half-year high last month and were up more than 7% at 39p. | The shares hit a three-and-a-half-year high last month and were up more than 7% at 39p. |
| The electricals group Comet, camera specialist Jessops and music retailer HMV collapsed into administration earlier this year. HMV was bought by the private equity group Hilco, with about 100 stores closing. | The electricals group Comet, camera specialist Jessops and music retailer HMV collapsed into administration earlier this year. HMV was bought by the private equity group Hilco, with about 100 stores closing. |
| Jessops has been resurrected by the Dragons Den star Peter Jones but James said about the revival: "We're not trembling in our boots." | Jessops has been resurrected by the Dragons Den star Peter Jones but James said about the revival: "We're not trembling in our boots." |
| Dixons competes directly with Amazon but James refused to be drawn on the online retailer's tax affairs, only saying he felt Dixons had the customer service that Amazon lacked. | Dixons competes directly with Amazon but James refused to be drawn on the online retailer's tax affairs, only saying he felt Dixons had the customer service that Amazon lacked. |
| He said 80% of purchases involved a customer using the Dixons websites. | He said 80% of purchases involved a customer using the Dixons websites. |
| Bubb said: "The scale of losses at the wretched Pixmania e-commerce operation continues to amaze, but it is good to see that Dixons has the wind in its sails in the UK and Nordics." | Bubb said: "The scale of losses at the wretched Pixmania e-commerce operation continues to amaze, but it is good to see that Dixons has the wind in its sails in the UK and Nordics." |