Carphone Warehouse has completed its deal with US electricals giant Best Buy to launch a European retail business.
Carphone Warehouse will update the City on the two companies’ plans for the evolution of the existing portfolio of 2,400 Carphone Warehouse stores and the introduction of big-box consumer electronics stores in early October.
Retail Week revealed earlier this month that Best Buy had identified sites in the Greater London area for its debut in the UK (July 18).
As a result of the deal, Carphone Warehouse has announced that the chief executive of its UK business, Andrew Harrison, will step down from the board today at the retailer’s AGM.
David Goldie, chief executive of Carphone Warehouse’s telecoms business, will also step down from the board. Their operational roles remain unchanged, the retailer said.
In the 13 weeks to June 28, retail revenues at Carphone Warehouse climbed 10 per cent to£498 million, a like-for-like fall of 1.4 per cent. Retail gross profit was up 1.7 per cent on a like-for-like basis.
Distribution revenues rose 4 per cent to£735 million and mobile connections increased 12 per cent to 2.6 million.
Carphone added that its Best Buy Mobile joint venture in the US continued to perform “outstandingly well”.
The retailer and telecoms business has cut its forecast for new broadband customers this year and is cautious about the outlook for consumer spending.