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Dixons Carphone share price yo-yos after ‘clerical error’ in Christmas trading update

The UK-based electrical retailer and services company saw its share price yo-yo on Tuesday after re-issuing its Christmas trading update due to a 'clerical error'.

Dixons Carphone was forced to re-issue its Christmas trading update on Tuesday after reporting an incorrect sales figure, causing its share price to yo-yo.

The mistake, which was blamed on a ‘clerical error’, showed that the company had delivered sales growth of 2% when in fact the company’s revenues fell by 2%.

The error was noticed six hours into Tuesday’s trading session, with the stock rallying as much as 5% before sliding into negative territory after the mistake was flagged.

However, the stock then recovered with it up 5% to 150p a share as of 16:30 GMT.

Do you own Dixons Carphone shares? You can hedge your downside risk by trading CFDs and spread betting.

Dixons Carphone on track to hit targets despite weak consumer spending

Dixons Carphone remains on track to hit its financial targets, with its latest trading update showing strong consumer demand for super-sized TVs, gaming consoles and smart technology devices which helped offset a weak consumer spending in the UK market over the festive season.

‘The supersizing TV trend kept on giving as we sold 75% more 65”+ TVs, Dyson Health & Beauty sales were up over 20%, Shark Vacuum sales almost doubled and we sold 8,000 smart speakers each day,’ Dixons Carphone CEO Alex Baldock said.

‘We broke records on wearables like Fitbit and Apple Airpods, while gamers couldn’t get enough of the Nintendo Switch,’ he added.

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Goldman Sachs upgrades Dixon Carphone to ‘buy’ in January

Analysts from Goldman Sachs upgraded Dixons Carphone from ‘neutral’ to a ‘buy’ rating in January and increased their target price for the stock to 170p a share.

Based on the stock trading at 150p, analysts from the US-based investment bank believe it has a potential upside of 13.3%.

You can go long or short Dixons Carphone with IG using derivatives like CFDs and spread bets.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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