Dixons Carphone, the mobile phone and electrical goods retailer, has warned it will close 92 of its 700+ Carphone Warehouse stores this year.
It expects pre-tax profits for 2017-18 to be £382 million, but it predicts profits will fall to £300 million in 2018-19. Shares fell nearly 20 per cent on the news.
Chief executive Alex Baldock said “nobody is happy with our performance” but the problems were all “fixable”. The company blamed “challenges” in the market for mobile phones and mobile services, including a declining market for long-term mobile contracts and people not renewing their handsets as frequently. It had also seen weaker demand for computers.