CPW.L Share News (CPW)

By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Carphone Warehouse Group PLC (CPW.LN) Wednesday said it is confident of meeting its full-year expectations after the U.K. mobile phone retailer posted a forecast-beating 3.7% rise in first-quarter retail sales. "We've had a good start to the year, meeting our expectations and enabling us to reiterate the full-year guidance," Chief Executive Roger Taylor said. For the fiscal year to March 2011, the group guided for same-store retail sales growing between zero and 3% and earnings before interest and tax rising 15% to 20% with continued margin improvement. First-quarter sales from stores open at least a year at Carphone Warehouse Europe rose 3.7% on a constant currency basis, driven by smartphone purchases. This compares with a consensus forecast of 2% growth from a company survey of seven analysts. Best Buy Mobile in the U.S. recorded 29.7% growth in connections. Best Buy U.K. will open a further three stores later in the year, the company said. Virgin Mobile France posted revenue of 93 million euros, in line with group expectations. However, its customer base fell by 20,000. Newly-demerged Carphone Warehouse comprises core retail business Carphone Warehouse Europe, a 50% stake in Best Buy Europe (BBE)--Carphone's joint venture with U.S. electronics giant Best Buy Co. Inc. (BBY)--and a 47.5% share in mobile operator Virgin Mobile France. Best Buy Europe combines the core Carphone Warehouse retail business, under the Carphone Warehouse and Phone House brands, a profit share from Best Buy Mobile in the U.S. and Best Buy stores. Carphone Warehouse's shares closed Tuesday at 216 pence, valuing the company at GBP987 million. By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; simon.zekaria@dowjones.com (END) Dow Jones Newswires July 28, 2010 02:09 ET (06:09 GMT)