Russell Lynch: Dixons still in the dock despite sales success

Outlook Dixons Retail, the owner of Currys and PC World, was a rare shaft of light from the retail world today, pushing up sales 8 per cent thanks to Comet's demise. You can't argue with selling five tablets every second.

But before Sebastian James and the rest of the management team pat themselves too hard on the back, investors should take a look at the margins, down 0.5 per cent despite the collapse of its biggest rival.

I'm getting uncomfortable déjà vu here. The broker KBC Peel Hunt once said of ill-fated HMV: "For the coming year, we believe the group can deliver material sales and profits benefits from the collapse of Woolworths and Zavvi."

Look what happened there. Just because you're the last man standing, it doesn't mean you're safe.