Dixons Retail, the parent company of PC World and Currys, revealed it made a loss of £224.1m in the financial year ending in April 2011 after shutting 34 stores in Spain, Greece and France.

The retailer's profit fell from £90.9m to £85.3m. Furthermore, the firm said sales in the 642 UK and Irish stores had fallen by five percent compared to the previous year.

"Maintaining sales, margin and profits is a good performance in such challenging conditions. We are consistently outperforming our markets and gaining share," said John Browett, chief executive of Dixons Retail

"I don't think it will be disastrous, it will just be a flat or slightly difficult year. The key question now is how much we can outperform that market," he said in regards to the coming year.