Dixons Carphone hails strength of online channel as it cancels dividend

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Dixons Carphone has said its ecommerce channels in the UK and Ireland have recovered around two-thirds of sales lost to store closures as it cancelled its full-year dividend for shareholders.

In a trading update ahead of publishing its full-year results, the electricals retailer said that in the five weeks to April 25 its online channels had seen 166% sales growth, compared to 23% in the 11 weeks to March 21.

The retailer said the 531 Carphone Warehouse stores it closed in March would have been expected to have contributed £400m in sales for the financial year, but the online business has “maintained our unambiguous price promise, continued investment in delivery and carried on growing our range for customers”.

The electricals and mobile specialist currently has 950 stores closed across the group. 

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