Dixons Retail sees reduced losses

Currys and PC World owner Dixons Retail has predicted a tough and competitive Christmas after announcing "significantly reduced" losses.

The group made a pre-tax loss of £7.9m in the 24 weeks to 16 October 2010, compared with a loss of £17.6m in the same period a year earlier.

UK and Ireland like-for-like sales grew 2% in the most recent quarter.

But this marked a slowdown from the 6% rise seen in the previous three months when the World Cup boosted TV sales.

The group is going through a store overhaul programme

Dixons, formerly known as DSG International, is undertaking a major overhaul of its stores. It has now refitted 250 stores and launched 25 under the megastore format.

"We have maintained our momentum in transforming the group and are performing ahead of the market," said John Browett, chief executive of Dixons.