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Chief Executive's Review Group Turnover for the 52 Weeks Ended 27

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Chief Executive's Review Group Turnover for the 52 Weeks Ended 27 Chief Executive’s review Group turnover for the 52 weeks ended 27 April 2002 increased by 5 per cent to £4,888 million (2000/01 £4,643 million excluding Freeserve). Like for like sales were unchanged across the Group in challenging markets. Group profit before tax and exceptional The Group continued to grow market telecoms solutions provider for the items increased by 7 per cent to £297.2 share, showing particularly strong gains business to business market. million (2000/01 £277.8 million before in widescreen televisions, large domestic taxation, exceptional items and Freeserve). appliances, games, personal computers International and PC related products. The International Retail division achieved UK Retail an operating profit of £15.2 million UK Retail division operating profit before The product cycle is a major determinant (£22.3 million) on sales ahead 14 per cent exceptional items was £253.6 million of sales growth. New products have at £688 million (£602 million). (£244.8 million), an increase of 4 per cent. driven sales even during the recessions Total UK Retail sales were £4,122 million of the early 1980s and 1990s. Looking Our expansion into Continental (£3,979 million), a 4 per cent increase ahead, the product outlook appears Europe continued, with investments year on year and unchanged like for like. positive with new technologies coming in eight markets. The Group now has onto the market, from large flat screen retail operations in 11 countries. Although Currys and PC World made televisions to wireless home networks, As anticipated, start-up losses were strong contributions to the divisional and the potential for a recovery in the incurred in new businesses in France, performance, these were largely personal computer market. Spain and Hungary. Our established offset by a £25 million reduction in businesses in the Nordic region and the contribution from The Link, arising Gross margins were in line with Ireland again increased their profits. both from lower consumer sales and the the previous financial year. Margin decline in acquisition subsidies received improvements in most product categories In the Nordic region, Elkjøp continued from the mobile phone networks. were offset by the increased volume to consolidate its market leadership of lower margin products in the sales opening 15 new stores, including nine in The performance of the markets in mix. Level like for like sales, set against Sweden and Finland. Despite a downturn which the Group operates was mixed. a background of general cost inflation, in a number of Scandinavian countries, The brown goods market grew by 6 per also held back improvements in the Elkjøp gained share in all of its markets cent, with strong growth in games, large division’s cost to sales ratio. Operating and increased profits. screen televisions and DVD players. The profit as a percentage of sales was in white goods market, which also grew by line with the previous year. In July, the Group acquired the 6 per cent, was helped by the continued Danish superstore chain SuperRadio. strength of the consumer economy and Shortly after the year end the Group The acquisition made Elkjøp Denmark’s new product designs raising average acquired Genesis Communications, market leading out of town electricals ticket values. The personal computer a leading business to business mobile retailer. The new stores have been market fell by 21 per cent. The mobile phone service provider, for an initial rebranded El Giganten, strengthening phone market fell by 33 per cent in consideration of £28 million. This Elkjøp's leadership position across the units compared with an exceptional acquisition is a significant step towards Nordic region. performance in the previous year. our goal of creating a leading IT and 8 Dixons Group plc Annual Report & Accounts 2001/02 Our growing business in Ireland In November, the Group purchased their colleagues for their hard work continues to show good returns.We a 24.3 per cent stake in UniEuro, one over the year and their continued further consolidated our strong base, of Italy’s leading electrical retailers, commitment to the achievement adding two further stores in the year. for €103 million (£64 million). The of our corporate objectives. purchase also conferred the right to In November and December we opened acquire the majority of the shares at two PC City stores on the outskirts of any time before July 2003. UniEuro is Paris. Both stores attracted considerable the fastest growing and most profitable enthusiasm and are trading well. electrical retailer in Italy. The acquisition We intend to open further stores gives the Group a leading position in in this market. one of Europe’s largest markets. In Spain, PC City opened its first Our European Property division superstore in Zaragoza and another maintained its strong profitability in Madrid. in Belgium, Luxembourg and France. John Clare Chief Executive We are encouraged by the initial Increasingly the Group’s growth has reaction to the PC City proposition two major drivers. Large scale mixed in both countries.While there is an electrical stores and specialist PC ongoing investment cost in establishing retailing are seen as the category killers these businesses, the potential to create in their sectors. The first is represented shareholder value is substantial. by the largest and most recent Currys, El Giganten, Gigantti, Electro World and In February, the Group opened UniEuro stores; the latter by PC World Electro World, our first store in Hungary. and PC City.We believe that there is The 43,000 square feet store combines considerable potential to build on the the best of the Group’s formats.The strengths of these formats in existing opening attracted such vast crowds and new markets. that police closed parts of the Budapest motorway system and it gained media Employees coverage around the world. More I am pleased that we have again importantly, the store has quickly been able to welcome many new established a strong market presence employees to the Group, in the UK and is meeting its initial targets. and across Europe. I thank them and 9 Dixons Group plc Annual Report & Accounts 2001/02.
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