Dixons Carphone skips final dividend as annual profit halves

Electrical retailer Dixons Carphone opted not to pay a final dividend for its financial year ended in May after strong online sales failed to offset underperformance of its mobile unit and a lockdown hit to store sales, halving annual profit.

The company is reviewing future shareholder payouts as it grapples with the hit from the coronavirus-led shutdown, and has taken steps like many other retailers to beef up its finances and conserve cash to weather the crisis.

Dixons did not issue an outlook after reporting adjusted pretax profit for the year of £166 million (€183 million), down more than half from £339 million last year, with British and Ireland mobile phone sales slumping 20 per cent.

"Since the year-end, all our electrical businesses have continued to grow sales. Where our stores have reopened, we've performed well, while continuing to see strong online sales growth," chief executive Alex Baldock said.

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But Mr Baldock warned of a weakening in consumer spending later this year, while peer AO World said on Tuesday that it expected demand for online shopping to continue even after the reopening of brick-and-mortar stores. – Reuters