Carphone Warehouse to shut 92 stores amid profits warning

Nearly 100 Carphone Warehouse stores are to close this year as the retailer’s new boss, Alex Baldock, issued a profits warning and pledged to take action to adapt to a changing mobile phone market.

Dixons Carphone said it will shut 92 Carphone Warehouse standalone stores this year as it grapples with a shift in consumer habits and rising costs.

Analysts suggested more closures could be on the way as Dixons trims back its estate of more than 700 standalone Carphone stores. “There should be some easy wins in terms of making it leaner,” said Neil Wilson, the chief market analyst at Markets.com.

Shares in the group, which have already lost 30% of their value in the past year, closed down a further 20% at 185p as it warned profits would fall to £300m, well below City forecasts of £387m for the year to April 2019.

Written by: Admin - 29 May 2018