Dixons Carphone Warehouse is shutting 134 shops, a move it insists will have "no impact on colleague numbers".
The retail borg is consolidating its stores following the merger between Dixons Retail, owner of Currys and PC World, and Carphone Warehouse in May 2014. The new stores will house its remaining outlets under one roof.
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As such it is investing £50m to refit the current stores, which it will turn into its "three-in-one" offering.
The programme will run during the financial year 2016/17. It said the impact on its bottom line will be modest next year, but thereafter it expects to squeeze £20m out of its current overheads.
Seb James, group chief executive, said the major property programme will increase long-term earnings. "Our experience has taught us that the net effect on both sales and colleague levels is likely to be neutral or better," he said.
The company estimated profit before tax for the year 2015/16 of between £440m to £450m, slightly above previous estimates. Revenue for the 10 weeks before Christmas was up 5 per cent, but the company did not reveal the total figure.
According to its half-year figures filed last month, revenue increase five per cent year-on-year to £4.39bn. Pre-tax profit was up 35 per cent to £135m. ®