Carphone Warehouse Group has raised its full-year profit guidance to between £90m and £100m as a result of a strong quarterly performance from JV partner Best Buy's American mobile unit, in which CPW has a profit-sharing agreement.
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The 50:50 tie-up between the two firms - which has seen the launch of the first Best Buy format stores in the UK - posted more modest figures for the three months to 1 January, with like-for-like sales at CPW Europe up just 0.7% to £1.03bn, 2.3% in the UK. This was in spite of the impact of December's freezing weather, which hurt competitor Kesa.
In its latest interim management, CPW appeared to shrug off the previous performance of its Best Buy UK unit, which made an EBIT loss of £29m in the six months to 30 September.
In addition to the six big box stores already opened, the online Best Buy UK sotre, which launched before Christmas "has seen a strong performance to date."
"Our planned store roll-out continues and we are broadening our online range throughout the coming year," said CPW.
CEO Roger Taylor hailed growth in the smartphone market, particularly Android handsets, which buoyed the numbers during the Christmas quarter.