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September 9, 2014

Dixons Carphone records strong first financial results

“Good start” to new shared enterprise ahead of FTSE 100 entry later this month.

By Vinod

Newly-formed electronics conglomerate Dixons Carphone has reported encouraging results in its first financial report since its formation.

Helped by the football World Cup, the company, which is due to join the FTSE 100 on September 22, recorded "a good start", but did reveal a slight fall in revenues for both its partner companies.

Dixons Retail, the owner of Currys PC World, reported a 1% fall in year-on-year revenues, while Carphone Warehouse’s revenues fell 17%, due in part to a fall in smartphone sales.

Dixons Retail saw like-for-likes sales rise 4% in the UK and Ireland, ahead of analyst expectations, and also rose in its other markets in Scandinavia and Greece.

Sales were also helped by an upsurge in returning customers and a number of initiatives across the two companies, including free warranties on a wide range of products.

"I am pleased to report a good start to the year and to our new shared enterprise," said group chief executive Seb James.

"The integration is going well with seven departments now serving both parts of the business in an integrated way and, although it is early days, our 11 stores-in-store are performing ahead of the business case that we set out in our merger announcement."

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Shares in Dixons Carphone were up 1.25% at 373.90p following the news.

The merger of Dixons and Carphone Warehouse was completed on August 7 in a deal reported to be worth around £3.8bn. The new company will have 2,900 stores across 14 countries with 40,000 employees.


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