Sales improve at Dixons

DIXONS SHARES edged higher yesterday as the electrical retailer reported an improving trend in sales. Like for like sales in the last nine weeks were up by 1 per cent on the same period last year. In July same store sales at the retailer, chaired by Sir Stanley Kalms (below) were 10 per cent lower due to the absence of building society windfalls. The shares rose 9p to 582p.

Separately Great Universal Stores repeated that its first half results will be below last year's due to the cost of acquisitions. Lord Wolfson, chairman, said results from the recently acquired Argos and Metromail businesses were "broadly in line with expectations" but that profit from the two companies was weighted towards the second half. Profits at Burberry's, the luxury goods division, are set for a further decline, the company said.