Dixons Carphone annual profits to be in line with expectations
The firm gave no update on its security breach.
Dixons Carphone, which is still reeling from a massive customer data breach, has said full year profits are set to be in line with expectations at £300 million as it posted first quarter results.
The retailer saw group and UK revenues slide 2% but the World Cup supported TV sales, which made up for a weaker performance in white goods and computing.
Comparable UK sales in the 13 weeks to July 28 came in flat and mobile like-for-like sales were down 1%.
However, the Currys & PC World owner gave no update on its security breach, which saw 5.9 million bank card details and 10 million personal data records hacked last year.
Shareholders are expected to grill the firm over the hack at Dixons Carphone’s AGM later on Thursday.
Chief executive Alex Baldock said: “First quarter performance was in line with expectations. We’ve maintained or grown our leading market positions, and our full year profit before tax guidance of around £300 million remains unchanged.
“We’ve made good progress in setting a clear long-term direction for the business, one that sharpens our focus on the core, and that better joins up both our offer to customers and our business behind the scenes.
“I look forward to giving a fuller update on our plans and progress in December.”
Mr Baldock, who replaced the long-serving Seb James earlier this year, is grappling with challenges in the troubled mobile phone unit and has already pledged to shut nearly 100 Carphone Warehouse stores this year.
Hard-pressed consumers are holding on to older devices for longer and going sim-only, which has dented the group’s performance.
“Reduction in postpay as anticipated but continued share gains in SIM Only and SIM Free,” Dixons said on Thursday.