Carphone Warehouse has reported steady trading in both its retail and fixed line businesses for the 13 weeks to July 4, and said it is on track to meet full-year market expectations.
In an AGM statement issued this morning, the company’s retail arm Best Buy Europe reported a 0.2 per cent increase in like-for-like retail revenue at constant exchange rates, although the actual like-for-like was up 5.4 per cent, benefiting from the weakness of the pound. Total revenues were up 6 per cent to £773m for the period, or 0.7 per cent on a constant currency basis.
Connections were up 3 per cent year on year to 2.7 million in a market the retailer described as “subdued”.
Carphone Warehouse said it had gained market share but that its “aggressive trading stance” had led to a slight reduction in gross margin. The retailer opened four more of its new format Wireless World stores in the quarter taking the total to eight, and said the company was still on track to launch its Best Buy stores in the UK early next year.
“Both our businesses have continued to make good progress, despite the economic climate,” said chief executive Charles Dunstone.