Dixons Carphone’s financials put Brexit fears at bay

Dixons Carphone’s financials put Brexit fears at bay

Dixons Carphone has reported another quarter of strong financial growth, with CEO Seb James saying Brexit had ‘no detectable impact’ on the retailer.

The UK’s decision to leave the European Union brought with it great deal of market uncertainty. Dixons Carphone put a number of long term credit facilities in place to deal with the predicted fall-back from a plummeting pound.

Brexit bounce-back

However the retailer has now posted better than expected Q2 results with UK quarterly revenues up by 4%. James explained that in order to maintain this success, the business would have to continue to think on its feet to meet demands of its increasingly canny customers

Commenting on the brand’s success James said: ‘We have had another very good quarter and I am happy to be reporting this level of performance today. We are delivering pleasing growth in all markets and continued high levels of customer satisfaction, and, thus far, continue to see no detectable impact of the Brexit vote on consumer behaviour in the UK.

 ‘We are optimistic about the future’ , James  said, ‘and about our ability to continue to outperform, without in any way being complacent. We live in a world with increasingly discerning customers and with more moving parts than ever and we will continue to succeed only by remaining nimble and determined.

Switching things up

After starting the year with all-time high market share, Dixons Carphone has used 2016 to make a number of changes to the business. This has included ramping up in-store experiences, introducing new technology such as VR and revamping retail stores to a new 3-in-1 format.

‘We have an ambitious programme of development right across the Group this year’, he continued, ‘and this is being delivered on plan. In the UK & Ireland, our exciting new eCommerce platform for Carphone Warehouse is now live, and our 3-in-1 property programme is well on track. In addition, we are now able to deliver the whole Dixons Carphone small-product range to customers across 500 Carphone Warehouse stores, making us one of the biggest and most convenient click-and-collect organisations in the UK.

‘We are seeing real progress in our Connected World Services business as well, and have signed a new agreement with TalkTalk which sees us expanding our distribution activity significantly. The Sprint rollout continues, and we now have 31 stores across 5 regions. The implementation of honeyBee is also going well at Sprint, and we have a strong pipeline of potential new honeyBee clients.'


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