May 30, 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. 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. The company expects a further decline in the market for long-term mobile contracts in the current financial year, but forecasts an increase in its share of the market for SIM-free handsets. Neil Wilson, chief market analyst for, described the profits warning as "Grim" but agreed the problems were "All entirely fixable".

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