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Dixons Carphone is swimming upstream

Dixons Carphone is swimming upstream

Dixons Carphone (DC.) revealed record headline profits for its April year-end, eliciting a predictably excitable reaction from a media preoccupied with a slump in consumer confidence - real or imagined. Admittedly, management's modestly upbeat assessment was certainly at odds with recent reports from department store retailerDebenhams (DEB) and sofa chainDFS (DFS), but we needn't get too carried away even if the electricals segment is viewed as a bellwether for the wider retail market. After all, even as industry analysts were busy digesting Dixons' figures, Bank of England governor Mark Carney was warning on the unsustainable growth of consumer credit in relation to household income.

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