Tuesday, 29 May 2018

Dixons Carphone to close 92 stores as profits slide

Shares in Dixons Carphone have closed 20.7% down after it warned of a sharp fall in profits this year.

The mobile phone and electrical goods retailer also said it would close 92 of its more than 700 Carphone Warehouse stores this year.

It expects pre-tax profits for 2017-18 to be £382m, but it predicts profits will fall to £300m in 2018-19.

Chief executive Alex Baldock said "nobody is happy with our performance" but the problems were all "fixable".

The company blamed "challenges" in the market for mobile phones and mobile services, including a declining market for long-term mobile contracts and people not renewing their handsets as frequently.
It had also seen weaker demand for computers.

BBC     News.

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