Dixons Group Plc, the U.K.’s largest consumer-electronics retailer, will announce a “substantial” share buyback program, its first, when it reports full-year profit on Wednesday, the Financial Times reported, without saying where it got the information.
The company had 300 million pounds ($551 million) of cash at on May 1, the paper said, citing analyst’ estimates. The share buyback is partly due to the 80 million-pound exceptional gain from the sale of its shares in Wanadoo SA.
John Clare, Dixons’s chief executive, will also say more about the company’s new XL stores, which are about five times larger than its typical outlet, the paper said. Analysts’ estimate “underlying” profit to be about 327 million pounds, the FT said, without being more specific.
Kingfisher Plc, the world’s third-largest home-improvement retailer, was on June 15, released from undertakings barring it from buying Dixons, after spinning off its electrical goods chains.
From Bloomberg