CPW upgrades profits forecast

CARPHONE Warehouse yesterday geared up for the launch of its first Best Buy megastore by raising profits guidance for the third time in six months.

The group, which jointly owns its retail business with US partner Best Buy, said strong sales of smartphones and last year's cost cuts helped increase earnings growth in Carphone Warehouse stores.

It expects its share of annual retail profits to be some 47 million for the year to the end of March – up on the 40m to 45m range given at its last profits upgrade in January.

Carphone and Best Buy are preparing to open the first of its "Big Box" consumer electronics stores in Thurrock, Essex, on Friday. It will offer a trade-in service where customers can receive discounts when they bring in their old televisions, laptops and mobile phones.