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Dixons Carphone swings to profit as online sales offset store closure hit
StockMarketWire.com
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Electrical goods retailer Dixons Carphone swung to a first-half profit as strong online sales offset the impact of store closures owing to government-imposed lockdown in the spring.
For the half year ended 31 October 2020, the company reported a pre-tax profit of £45 million, from a year-on-year loss of £86 million as revenue rose 4% to £4.86 billion.
UK & Ireland electricals revenue was up 15%, while UK & Ireland mobile revenue fell 54%.
UK&I electricals online sales jumped 145% offsetting sales loss from enforced store closures and in Dixons Travel, the company said. Online international sales grew 57% year on year.
'We've grown sales and profits, preserving our market leadership while accelerating our transformation in the UK, and continuing to power ahead internationally,' it added.
The company did not declare an interim dividend and maintained its current earnings guidance.
'Mobile adjusted EBIT losses to be slightly worse than 2019/20 and cashflow from Mobile to be slightly negative as operating losses and restructuring costs will be largely offset by net working capital unwind,' the company said.
Story provided by StockMarketWire.com
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