Carphone Warehouse releases the first update following the closure of the 11 Best Buy-branded stores (and clearing of all inventory) in the UK.
The £1.1 billion Best Buy UK venture called it quits following losses of £46.7M in the 6 months to September 2011.
Total CPW Europe revenues are down by -4.7% Y-o-Y, even if the retailer hopes for growth through postpay connections (due to customer contract renewals and new smartphone launches).
The retailer is also pushing the non-mobile category further via Wireless World stores-- tablet and accessory sales show 15% Y-o-Y growth, but represent less than 10% of total revenues. CPW currently has 294 Wireless World stores across Europe, and hopes to have a total of 375 stores open by March 2012.
While describing the current outlook as "challenging," CPW still hopes for stronger growth, particularly through the roll-out of the Wireless World format.
Go Carephone Warehouse Interim Management Statement Q3 2011-12
