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Pin to quick picksDixons Carphone Share News (DC.)

Share Price Information for Dixons Carphone (DC.)

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Share Price: 134.60
Bid: 134.50
Ask: 134.70
Change: 0.00 (0.00%)
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Open: 133.70
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Low: 132.80
Yest. Close: 133.60
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TOP NEWS: Dixons Carphone Sales Rise, Ponders Minority Nordics Listing

Thu, 10th Sep 2020 10:09

(Alliance News) - Dixons Carphone PLC on Thursday said sales were up in all markets and it had a strong online performance.

The technology products retailer added that it is considering listing a minority stake of its Nordics business.

Shares in Dixons Carphone were up 4.9% at 85.95 pence in London in morning trading.

UK & Ireland Electricals revenue was up 12% on a like-for-like basis in the 16 weeks ended August 29, with online sales three times higher year-on-year while stores were closed and have continued at more than twice the prior year's sales since stores reopened.

Within UK & Ireland Electricals, online market share gains have been made every month with overall share gains since stores reopened.

Dixons Travel store sales fell by around 90%, with stores still mostly closed, impacting UK & Ireland Electricals like-for-like and total sales by around 5%.

The loss of higher margin Travel sales, as well as strong online sales, have lowered UK & Ireland Electricals gross margin in the 16 week period.

UK & Ireland Mobile total revenue was down 56%, with sales and cashflow in line with plans following closures of UK standalone stores.

International like-for-like revenue was up 16%, including 17% Nordics growth ad 12% growth in Greece. Nordic online sales were up 49% and were more than 100% higher in Greece.

The company is exploring a listing for a minority stake in its Nordics business, which has performed well in the last 10 years and has experienced market share and profit growth through Covid-19. It is the market leader in all countries were it operates.

The firm, which owns the Currys PC World chain of stores, is in a net cash position, a "substantial improvement" over the same period the year before, and has access to more than GBP1.3 billion of available committed debt facilities.

Chief Executive Alex Baldock said: "We've started the year well, but nobody knows what the future holds and, like many, we remain cautious in our outlook.

"We're also in the early stages of exploring the option of listing a minority stake of our Nordics business next year. This would shine a light on the value of the Nordics business whilst retaining it as part of the group."

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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