May 29, 2018
Shares in Dixons Carphone fall after chief warns on profit
Dixons Carphone shed a fifth of its value after its new chief executive warned that next year's profits would fall sharply and said the business required increased investment to correct short-termism and lack of focus under his predecessor. For the year to April 2019, it forecast a figure about £300m, against consensus expectations of £384m. Alex Baldock, who joined as chief executive from online retailer ShopDirect eight weeks ago, said Dixons had suffered from unclear direction and a lack of focus on the core business. Dixons Carphone had already flagged the challenges of a changing UK mobile market. The company has had an exodus of senior staff in recent months: former chief executive Seb James left for pharmacy chain Boots, while finance director Humphrey Singer is moving to Marks and Spencer later this year, where he will be reunited with Katie Bickerstaffe, the former head of UK and Ireland for Dixons Carphone. Dixons Carphone shares have fallen by two-fifths over the past year, materially worse than European peers Fnac Darty and Ceconomy.
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