Dixons Retails has seen its share price continue to rise after it reported a return to profitability in the UK and revealed it is starting to see some benefits from the demise of its rival Comet.
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Interim results from Dixons yesterday showed that Operating profit rose to £5.6m compared with a £6m loss in the same period last year and Group chief executive Sebastian James mentioned Comet in his comments accompanying the numbers: "We are outpacing our competitors, and we have seen Comet enter administration in the UK and Expert exiting the market in Sweden."
The market reacted positively to the situation with shares getting the thumbs up from several brokers who advised their clients to buy into the retailer, showing their faith in the high street giant. At midday today, the shares were up 5.47% at 27.16p, continuing an upward trend that started back in August.
Comet's woes continue with the administrator Deloitte announcing earlier this week that it would close 125 stores and cut a couple of thousand more people from the workforce unless a buyer emerges soon.