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| Dixons Carphone sees big profits fall | Dixons Carphone sees big profits fall |
| (about 1 hour later) | |
| Dixons Carphone has reported a big fall in annual profits as the retailer admitted that it had "plenty of work to do" in revamping its business. | Dixons Carphone has reported a big fall in annual profits as the retailer admitted that it had "plenty of work to do" in revamping its business. |
| Pre-tax profits for the year to 28 April fell to £382m, from £500m a year earlier. | Pre-tax profits for the year to 28 April fell to £382m, from £500m a year earlier. |
| The retailer is set to close 92 of its more than 700 stores this year amid slowing sales of mobile phones. | The retailer is set to close 92 of its more than 700 stores this year amid slowing sales of mobile phones. |
| Last week, it admitted a big data breach involving millions of credit cards and data records. | Last week, it admitted a big data breach involving millions of credit cards and data records. |
| It is investigating the hacking attempt, which began in July last year. | It is investigating the hacking attempt, which began in July last year. |
| Dixons Carphone, whose main UK brands include Currys PC World and Carphone Warehouse, said it had no evidence that any of the cards had been used fraudulently following the breach. | |
| 'Many strengths' | 'Many strengths' |
| The mobile phone and electrical goods retailer, which employs more than 42,000 people in eight countries, issued two profit warnings last year and a further one earlier this year amid a slowdown in sales of new mobile handsets. | The mobile phone and electrical goods retailer, which employs more than 42,000 people in eight countries, issued two profit warnings last year and a further one earlier this year amid a slowdown in sales of new mobile handsets. |
| In its latest results, the firm also reiterated that it expected profits to fall again in the current financial year, maintaining its profit guidance for 2018-19 at about £300m. | In its latest results, the firm also reiterated that it expected profits to fall again in the current financial year, maintaining its profit guidance for 2018-19 at about £300m. |
| The firm's shares were up more than 1.8% in early trading. | The firm's shares were up more than 1.8% in early trading. |
| Chief executive Alex Baldock, who took over earlier this year, said Dixons Carphone was "a business with so many strengths, and with so much more to go for". | Chief executive Alex Baldock, who took over earlier this year, said Dixons Carphone was "a business with so many strengths, and with so much more to go for". |
| "Recent events have underlined that we have plenty of work to do, and it will take time, but I'm even more confident than the day I took the job in our long-term prospects." | "Recent events have underlined that we have plenty of work to do, and it will take time, but I'm even more confident than the day I took the job in our long-term prospects." |
| He added that the retailer could make more of those strengths by "bringing clear long-term direction that sharpens our focus on our core". | He added that the retailer could make more of those strengths by "bringing clear long-term direction that sharpens our focus on our core". |
| On a statutory basis, Dixons Carphone's pre-tax profits for the past financial year fell to £289m, from £404m the year before. | On a statutory basis, Dixons Carphone's pre-tax profits for the past financial year fell to £289m, from £404m the year before. |
| "Dixons Carphone results, at first glance, look a touch better than feared, given the kitchen sink job done by new CEO Alex Baldock three weeks ago," said Neil Wilson, chief market analyst for Markets.com. | "Dixons Carphone results, at first glance, look a touch better than feared, given the kitchen sink job done by new CEO Alex Baldock three weeks ago," said Neil Wilson, chief market analyst for Markets.com. |
| "In UK mobile, the company delivered flat like-for-like sales in a contracting post-pay market. But it remains the market leader, though at the cost of margins." | "In UK mobile, the company delivered flat like-for-like sales in a contracting post-pay market. But it remains the market leader, though at the cost of margins." |