Dixons Narrows Profit Guidance As It Appoints New CEO

Underlying group revenue at Dixons Carphone was up 6% in the 10 weeks to January 6

In a Q3 trading update, DixCar confirmed group revenue was up 4 per cent year-on-year during the 10 weeks to January fuelled by trade in Greece and the Nordics, which were described as "stars of the show" for 23 and 11 per cent sales hikes.

Shares rose 1.20% to 190.20p in morning trading.

Dixons announced plans in December to reposition its mobile phone business after a 60 percent slump in first-half profit, hurt by customers keeping their handsets longer. Furthermore, the announcement replacement CEO Alex Baldock - current CEO of Very.co.uk and Littlewoods.com parent Shop Direct - just days after James' resignation will also be seen as a positive by shareholders (was the incumbent nudged towards the door?), confident that he can deliver a similar turnaround for Dixons to steady the ship during an overhaul in consumer spending patterns away from shops and towards online.

Overall, Mr James remained relatively positive about United Kingdom performance, noting: "The consumer [business] is OK in the UK".

Elizabeth Fagan, who has led Boots since June 2016, will continue working with the Company and will take on the newly created role of Non-Executive Chairman of Boots in the new fiscal year.

That sentiment was mirrored by a household finance poll from IHS Markit published on Monday, showing British households turning gloomier about their finances in January as they anxious about future inflation and relied more on borrowing.


Along with greater market share growth in SIM-free handsets and SIM-only offerings, its United Kingdom and Ireland mobile sales grew around 8% over the Christmas trading period.

"Particularly strong this year were large-screen TVs, gaming, smart tech, and SIM free phones", he said.

It said on Monday its gross margins would continue to be challenged in the mobile sector, but the phasing of the iPhone launch and other new offers helped it increase its mobile revenue by 8 percent.

The group now expects full-year profit before tax to be in the range of £365m to £385m, compared to a previous range of £340m to £399m.

"For the remainder of this year we have a early Easter, a new Samsung phone and the first week or two of our World Cup promotion to look forward to".

Supermarkets appeared to have had a better time than fashion stores as shoppers focused on essentials though Sainsbury's, owner of Argos, saw a drag from general merchandise sales.

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