Dixons Carphone CEO steps down for Boots role

Dixons Carphone CEO steps down for Boots role

Dixons Carphone has narrowed its profit forecasts after the company detailed weak Christmas trading at its United Kingdom and Ireland division as it continues to come up against more cautious consumer spending.

Like-for-like sales in the United Kingdom and Ireland rose 3% in the ten weeks to 6 January compared to the same period past year, but the statement revealed a squeeze on profit margins at the group, which owns Carphone Warehouse and Currys PC World.

Dixons narrowed its guidance for the year ending on April 29, saying it expects to deliver headline pretax profit in a range of GBP365.0 million to GBP385.0 million for the year ending in April.

Shares in the company are now up 2.79 percent as of 10.54AM.

Ian Livingston, chairman of Dixons Carphone, said: "Seb has made an outstanding contribution to both the creation and success of Dixons Carphone". And here's his successor, Shop Direct's Alex Baldock, praising the "extraordinary amount" Seb and the team have achieved "at a time of wrenching change".

Today's update was also simultaneously released with the announcement that it had hired Baldock to replace Sebastian James, who has stepped down as group chief executive to head up Boots.

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It has been a tough past few months for Dixons, which also saw Carphone Warehouse hit with a £400,000 fine in early January after a security failure allowed unauthorised access to the personal data of millions of customers.

LFL revenue in the UK & Ireland rose 3% but gross margins continued to be "challenged" in phones due to a weaker pound.

James has been chief executive of Dixons Carphone since 2014, having been chief executive of Dixon Retail since 2012.

Analysts are expecting solid electricals sales to help offset the mobile phone difficulties over the festive season, with the group already confirming record trading on Black Friday.

For the remainder of this year we have an early Easter, a new Samsung phone and the first week or two of our World Cup promotion to look forward to, and work continues on redefining and refocusing our Carphone Warehouse business to be a simpler, less capital intensive model.

"The consumer's OK in the United Kingdom, in our European businesses the consumer is very strong", he said.

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