Dixons Carphone stirs PC Curry, reports 10% profit gravy
Record £500m full-year figure for borg
Dixons Carphone reported a bumper year, with profits up 10 per cent to £501m for its preliminary results 2016/17.
Revenue in the UK and Ireland rose 2 per cent to £6.5bn, with overall group sales up 9 per cent to £10.5bn.
The borg is in the process of closing 134 stores in the UK this year, as part of its 3-in-1 store concept, merging the PC World and Currys outlets, and slotting Carphone Warehouse.
Ex-Etonian and chief exec of the firm Seb James said the profit increase was due to "a great deal of work [that has been done to make the company stronger, lower risk and more resilient" over the last few years.
"More importantly, the improvement in our cost base, the strong leadership position that we have built, the investment that we have made in our digital business and, above all, the enormous shift in customer satisfaction and price competitiveness that we have driven leave us well positioned to flourish in the years ahead."
The firm had previously hinted that the headwinds of Brexit might start to blow in its direction. However, the latest results show that economic uncertainty has not yet dampened consumer appetite.
"While the UK consumer environment seems to be holding up for us, there will undoubtedly continue to be changes in the way people buy all of the products that we sell from phones to washing machines," added James.
"Change always represents opportunity, and our job is to find the propositions that keep us compelling to our customers forever. We are excited about our plans in services and about the myriad of initiatives that will drive long-term relationships with our customers." ®