Dixons Carphone has smashed expectations of a consumer spending hit posting a double digit jump in annual profits.
For the year to April 29 the group reported a 10 per cent jump in pre-tax profits to £501 million, compared to £457 million a year prior.
Bottom line pre-tax profits skyrocketed 47 per cent as group like-for-likes jumped four per cent.
UK like-for-like sales jumped four per cent in the period, stating that transferred sales from a store overhaul aided the boost.
Last week analysts predicted the retailer would take a hit from the drop in consumer spending, however the group stated it was yet to feel the effects, despite being “alive” to consumer behavior.
“While the UK consumer environment seems to be holding up for us, there will undoubtedly continue to be changes in the way people buy all of the products that we sell from phones to washing machines,” chief executive Seb James said.
“Change always represents opportunity, and our job is to find the propositions that keep us compelling to our customers forever.”
The group expects sales of electricals to slow over the year ahead, but states its new three-in-one mega-stores are performing as intended.