The number of stores is set to drop from 557 to 400 in an effort to make further cost savings

Dixons will close more stores than expected in an effort to make necessary cost savings over the next two years.

Dixons Retail, which owns Currys and PC World, looks set to reduce the number of stores from 557 to around 400 – despite a recent rise in sales.

Like-for-like sales were up 8% in the last quarter of the financial year, despite following a 5% drop in sales over the Christmas period.

The news, reported by Proactive Investors and picked up by The Next Web, sees the company continuing its Renewal and Transformation Plan.

The company had already shut around 80 shops but now looks set to close more in order to make cost savings of over £90m in the next two years.

More after the break

Shares in the company rose 5 per cent to 16.8 pence on the news.

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