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Carphone Warehouse Confident On FY As 1Q Beats Views

Wed, 28th Jul 2010 07:09

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)
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24 Nov 2009 06:31

Tuesday newspaper round-up: Lloyds Banking, Tesco, Informa

Lloyds Banking Group will on Tuesday launch the UK's largest rights issue to raise £13.5bn ($22bn), offering investors new shares at 36p each, a huge discount, ahead of a shareholder vote on Thursday. The rights issue is part of a £22.5bn capital raising that aims to repair the bank's balance sheet

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20 Nov 2009 06:28

Friday newspaper round-up: Tesco, Reckitt Benckiser, Ladbrokes

Tesco's telecoms arm threatened a price war with the likes of BT, Virgin Media and Carphone Warehouse as it unveiled plans yesterday to offer bundled broadband and home phone packages for the first time. Britain's biggest retailer announced that it had signed a five-year deal with Cable & Wireless

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16 Oct 2009 16:50

London close: Blue chips slip lower

London's blue chips closed lower as investors used a 100 point plus fall for the Dow as an excuse to take profits. Many of the major commodity plays, including Xstrata, Rio Tinto and Anglo American had enjoyed gains in early deals, but investors lost interest late morning. Oil plays BP, Royal Dutc

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16 Oct 2009 14:54

London afternoon: Stocks remain lower

London's blue chips are still in the red in midday dealings after the Dow dropped more than 100 points in the US. Many of the major commodity plays, including Xstrata, Rio Tinto and Anglo American had enjoyed gains in early deals, but investors lost interest late morning. Oil plays BP, Royal Dutch

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16 Oct 2009 12:07

London midday: Footsie gains evaporate

London is back where it finished yesterday's session as a sell-off in the mining sector on weaker metal prices gathered pace near lunchtime. Many of the major commodity plays, including Xstrata, Rio Tinto and Anglo American had enjoyed gains in early deals, but investors lost interest late morning.

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16 Oct 2009 08:45

London open: Oil spike lifts Footsie

Footsie has opened stronger helped by an improvement on Wall Street last night and strong demand for oil stocks after a spike in crude prices. National Express, though, is the main talking point. The price has crashed by more than a quarter as investors face the prospect of a hefty rights issue af

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16 Oct 2009 08:10

Carphone unit to buy Tele2 France

Virgin Mobile France, in which Carphone Warehouse has a 48.5% stake, is to pay €56m (£51.3m) in cash for Tele2 France and its 385,000 customers. Once the deal has gone through, Virgin Mobile France will have over 1.6 million customers, of which 60% are post pay, "consolidating its position as Franc

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9 Oct 2009 06:36

Friday tips round-up: Ted Baker, Ladbrokes, Carphone Warehouse

Ted Baker yesterday provided further evidence that its upmarket, and sometimes quirky, clothing is still in fashion with British shoppers. The group's shares, which trade on a forward 2010 price earnings ratio of 14.3 times, are also at a premium to standard high street retailers, although this par

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8 Oct 2009 16:33

London close: Footsie highest in over a week

Stocks ran out of steam mid-afternoon, trading as near to Wednesday's close as they had done all day, but strength on Wall Street inspired a late rally here. The top stocks were still mining companies as metal prices continued their march higher. Gold futures neared $1,060 an ounce as the dollar co

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8 Oct 2009 14:42

London afternoon: Equities in consolidation phase

London's leading shares continued to trade sideways over the lunchtime session, consolidating the morning's gains. Mining stocks are responsible for much of the Footsie's buoyancy with Xstrata, ENRC, Kazakhmys, Antofagasta, Anglo American and BHP Billiton all going well. Vedanta is also on the u

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8 Oct 2009 11:46

London midday: Updates please investors

Footsie is still in the blue as investors give a warm reaction to company announcements, though the leading share index is off its earlier highs. Vedanta leads the mining sector higher. The Indian giant said zinc, copper and aluminium operations were at full capacity during the second quarter as it

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8 Oct 2009 08:17

London open: Buoyant miners lift Footsie

Buoyant mining shares are giving London's blue chips a lift in early dealings the day after gold hit a new record high. Nine out of the ten top FTSE 100 performers are miners. Lonmin is leading the way, closely followed by Xstrata, Rio Tinto, Fresnillo, Kazakhmys, Antofagasta, Vedanta Resources, An

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8 Oct 2009 07:38

London pre-open: London set to get off to a flyer

After yesterday's pause for breath leading shares are back at the races today, with dealers predicting the FTSE 100 will open just under 50 points higher. Attention is certain to focus on part-nationalised bank Lloyds Banking Group which is proposing to raise around £25bn in capital by means of a r

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8 Oct 2009 07:04

Carphone Warehouse gains more customers

Mobile phone retailer and broadband provider Carphone Warehouse reiterated its existing guidance for the year to March 2010, after posting rises in customers at its two divisions. Talk Talk, the firm's broadband division, posted a net year-on-year gain of 15,000 new subscribers during the second qu

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7 Oct 2009 17:39

Thursday preview: BoE rate decision, Rank, Carphone Warehouse

On Thursday the Bank of England's Monetary Policy Committee (MPC) will announce its interest rate decision and, as has been the case for several months, it would be a major surprise if the MPC were to make any decision other than no change. Similarly, the size of the £175bn quantitative easing (QE)

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