Annual profits more than halved at electricals retailer Dixons Carphone after the cornavirus lockdown led to slumping sales at its mobile phone division.
The FTSE 250 company scrapped its final dividend and warned the pandemic would delay the return of its phone business to profitability, sending shares down 10.9pc to 77p in early trading.
The retailer reported underlying pre-tax profits of £166m for the year to May, compared to £339m for the previous year.
On a statutory basis, it posted narrowing pre-tax losses of £140m, down from losses of £259m the year before, and did not issue an outlook.
It said sales of electrical goods remained robust during the lockdown as consumers moved online to purchase large screen TVs, and computing and gaming equipment.
Alex Baldock, Dixon's chief executive, said: "Since the year-end, all our electricals businesses have continued to grow sales. Where our stores have reopened we've performed well, while continuing to see strong online sales growth.
"That said, we expect a weakening of consumer spending later this year and are being cautious in our planning."
Meanwhile, its mobile phone division made a worse than expected loss, with the company saying the division would perform "slightly" worse than forecast in the current year.
The unit will take an extra six to 12 months to break even than previously anticipated.