AGM Trading Statement
· Multi-channel businesses (UK & Ireland, Northern and Southern Europe) delivered performances in line with expectations with like for like sales up 4%.
· UK & Ireland traded well, in spite of an unusually sunny July and last year's summer of sport, as strong market share gains continued with like for likes up 6%.
· Northern Europe saw good growth with like for like sales up 5% driven by further market share gains and despite a very strong performance last year.
· Southern Europe continued to experience difficult market conditions as well as cooler summer weather affecting air-conditioning sales, with like for likes down 12%.
· Group gross margins down 0.4% in the first quarter, driven largely by our continued drive for even better value for customers, particularly in the Nordics.
· Further milestones achieved in our strategic goal to focus on our leading market positions:
· Separate announcement today that we have received an irrevocable offer for PIXmania from mutares AG, a German listed industrial holding company.
· Disposal of ElectroWorld Turkey to Bimeks also announced separately today.