UK mobile phone retailer Carphone Warehouse on Tuesday reported increased sales and margins for the 12 weeks to July 27. Its same store revenues were up 10.6%, while like-for-like margins were up 9.2%.
The news is another sign that the company, which struggled earlier in the year, is on the road back to profitability. Carphone Warehouse shares halved in value between January and the beginning of July, following falling profits in the fiscal year that ended on March 30.
According to new chairman Hans Snook, formerly the boss at mobile operator Orange, we feel very confident that we have come through a very hard year but in a much stronger position.
The company is benefiting from consolidation in the mobile phone retail market. Rivals such as The Wap Store have folded, while mobile operators including mmO2 and Vodafone have closed many of their proprietary stores.