Dec 12, 2018

Dixons Carphone swings to loss after nearly £500m in charges

Dixons Carphone plunged into a first-half loss and plans to cut its full-year dividend by two-fifths after taking almost £500m of exceptional charges relating to its mobile phone business and UK store estate. As a result, the first half operating loss was £423m, against a profit of £71m in the same period last year. Formed by the merger of Dixons with Carphone Warehouse in 2014, the company has been hit hard by weakening consumer sentiment and changes to the mobile phone market. Consumers are now upgrading phones less frequently and increasingly buying handsets and call plans separately, which results in lower margins for Dixons Carphone. Dixons Carphone wants to renegotiate commercial arrangements with networks, arguing that it is effectively providing them with free finance.

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