Following profits warning
Carphone Warehouse are to close nearly 100 of their 700 stores following a profits warning predicting profits to fall by more than 20% in the year ahead to £300m.
The company blamed ‘challenges’ in the marketplace due to customers not upgrading their handsets as often.
Dixons Carphone appointed Alex Baldock as chief executive earlier this year to help turnaround the struggling retailer.
Following the announcement, Baldock said:
“Eight weeks in the business have cemented my optimism about Dixons Carphone’s long-term prospects. I’ve found exceptional strengths, and though there’s plenty to fix, it’s all fixable.
“Right now, with our international business in good shape, we’re focusing early action on the UK. In electricals, we’re focused on gross margin recovery. In mobile, we’re stabilising our performance through improvements to our proposition and network agreements. In both, we’ll work hard to improve our cost efficiency.
“We won’t tolerate our current performance in mobile, or as a group. We know we can do a lot better.
“There’s so much more to come from Dixons Carphone, though plenty of hard work lies ahead.”