Warehouse stores

Dixons Carphone records £ 440million loss at Currys PC World Carphone Warehouse in Cheltenham Gloucester

Electronics giant Dixons Carphone saw its shares fall 14% after posting a huge loss in the first half of the year.

The retailer, which also owns Currys PC World, recorded a loss of £ 440million for the six months to October 27, compared to profits of £ 54million a year ago.

Dixons Carphone, which has branches of Currys PC World in Cheltenham and Gloucester and branches of Carphone Warehouse in Gloucester, Cirencester and Cheltenham, said the loss was largely due to a write-down in the value of its loss-making Carphone Warehouse business .

The company also said it is expected to see its annual costs rise to £ 190million, including £ 17million from a cyberattack, in which 5.9million bank card details and 10million dollars personal data records were hacked last year.

Despite this, the company has announced plans to put in place an incentive stock award scheme which would see more than 30,000 employees awarded at least £ 1,000 in shares each over the next three years.

Group CEO Alex Baldock said the company is committed to change over the coming years: “We believe Dixons Carphone is now on the path to lasting success. We have set a clear long-term direction that will deliver more engaged, satisfied colleagues. customers and a more valuable business for shareholders.

“We are focused on our core business and on four things that matter most: two great opportunities for profitable growth online and in credit; revitalize our mobile business; and provide customers with an easy experience.

“There are headwinds and uncertainties for any business serving the UK consumer, we have had our own challenges and our plan will take time. But, with this plan, we can now see a way to unlock the true potential of this business. We believe in our plan, we are moving quickly and are determined to make it a lasting success. “

Image credit: Google Image capture: November 2017

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