DIXONS Carphone has reported a huge increase in online sales as Brits splash out on laptops, TVs and kitchen appliances to cope with coronavirus quarantine.

The retailer yesterday posted a 72 per cent increase in online sales of electrical goods in the three weeks to 21 March.

The boost was driven by booming demand for home working equipment such as laptops and printers, as well as entertainment products such as TVs and gaming consoles.

There was also a rise in sales of white goods as people prepare to spend more time indoors.

By contrast, demand for mobile products slumped 24 per cent. Overall group sales were up 13 per cent compared to the same three-week period last year.

Shares in Dixons Carphone closed up 12.5 per cent to 90.72p.

The retail chain said the online surge would help to compensate for lost store sales after it was forced to close all of its outlets in the UK and Ireland in line with government guidance.

Nevertheless, the firm said the closures would impact its full-year profit and cash position, and warned it would not meet its previous pre-tax profit guidance of £210m or its aim of reducing net debt.

(c) 2020 City A.M., source Newspaper