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Monday, April 26, 2010

Carphone Warehouse publishes quarterly results

The Carphone Warehouse has published its financial results for its fourth quarter of 2010, along with some figures for the full year and guidance for 2011.

It says its share of Best Buy Europe's net income to March 2010 was worth around £47 million, slightly more than had been predicted. In addition, its share of Best Buy Mobile US profit was around £46m, well ahead of initial guidance.

Charles Dunstone, The Carphone Warehouse chairman, said "We have ended 2010 with another strong performance and given our third upgrade in six months. Best Buy Mobile US is out-performing even our expectations. Carphone Warehouse Europe continues to trade strongly with like-for-like revenue up 3.0% in the fourth quarter. Our full year results are ahead of expectations and our operating free cash flow is well ahead and represents a transformational improvement on the prior year."

"The demerger is now successfully completed, and we are moving into our next phase of growth. The macro environment will undoubtedly present challenges but we are well positioned in each of our businesses and we are targeting 40% to 45% EPS growth for our 2011 financial year with further strong cash generation in both of our joint ventures."

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