Dixons Carphone reports £118m profit drop for 2017

The retail giant admitted there’s “plenty of work to do”

Dixons Carphone saw pre-tax profits for 2017/18, falling 24pc to £382m from £500m year-on-year.

The financial year ended April 28 for the group. The retail giant admitted there’s “plenty of work to do” in regards to improve the business. Profit for 2018/2019 is forecasted to be fall further to £300m.

Group revenue was up four per cent  (£10.5bn) due to strong growth in Greece and Scandinavia while UK and Ireland revenue was up two per cent.

The firm announced earlier it is set to close 92 of its 700 stores this year due to declining sales of mobile phones. As a result the firm expects yea-on-yer revenue to improve by two per cent.

Last week Dixons admitted to a data breach where millions of credit cards and personal data was hacked into.

Dixons Carphone, which controls UK brands Currys PC World and Carphone Warehouse, said there has been no evidence of any data stolen being used fraudulently.

Around 105,000 card details had no chip and pin protection and could possibly be on sale in the dark web, according to a security expert.

Work to do

Dixons Carphone CEO Alex Baldock (below) said: “Recent events have underlined that we have plenty of work to do, and it will take time, but I’m even more confident than the day I took the job in our long-term prospects”.

City Index senior market analyst Fiona Cincotta added: “It’s only been three weeks since Dixons’ latest horror trading update, so today’s announcement has unsurprisingly offered little new detail on the numbers side.

“There’s also no explicit mention of the hacking scandal and how much damage it’s done. And it looks like investors will have to wait almost six months before getting extra detail on Alex Baldock’s transformation plans.

The post Dixons Carphone reports £118m profit drop for 2017 appeared first on Mobile News Online.

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